In the cryptocurrency market, where the bullish trend continues, famous analyst Benjamin Cowen's forecast for the August altcoin rally is drawing significant attention. He is well known for accurately predicting Ethereum's (ETH) all-time high.
According to Cowen, altcoins are likely to outperform Bitcoin (BTC), but may still show weakness compared to Ethereum. Recently, Ethereum's price broke through $4,700, showing a strong upward trend accompanied by high trading volume, and has also surpassed major moving averages. This is interpreted as a clear breakout signal on the ETH/dollar chart.
In contrast, while Bitcoin has surpassed the $121,000 upper resistance, it shows a less strong upward movement compared to Ethereum, with its RSI remaining in a weak overbought state. Based on this, Cowen analyzed that Ethereum would act as a more powerful asset than Bitcoin in the short term.
However, the possibility of correction in September seems high. Cowen warned that Bitcoin's decline could hinder Ethereum's attempt to break its high, potentially triggering a sell-off across the entire altcoin market. Considering that historically September often shows weak trends in the cryptocurrency market, a sharp decline after a brief rally cannot be ruled out.
While Cowen believes that the trend could remain favorable from the BTC/altcoin pair perspective, he added that this upward phase might not continue until the end of October or early November. Therefore, he advised investors to carefully utilize the last opportunity for market recovery.
Since August has historically seen temporary rebounds, selective investment in high-performance altcoins may still be valid. However, as Ethereum approaches its all-time high and Bitcoin tests its breakthrough, high volatility should be noted. Cowen emphasized that thorough risk management could be the key to survival in such a market environment.
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