Much-followed crypto analyst Benjamin Cowen has said that many altcoins are set for another collapse this year,
with no recovery. Indeed, in a new video update, Cowen told his 787,000 YouTube subscribers that an "altcoin reckoning" is imminent - one from which many crypto-assets are unlikely to recover. He said the following in this regard:
"While I agree that the altcoin market as a whole will eventually rebound, there is a good chance that many of today's altcoins will not be part of that. Some of them are likely to be part of it, and some are likely to see new highs at some point.
Unfortunately, many probably won't see new highs, and so you could have a scenario where the altcoin market just spends some time in the [$323.5 billion] range, maybe eventually comes back to the [$290 billion] range, and then just capitulates and goes [even further] into the depression phase before emerging from it in 2024."
According to the strategist, altcoins will experience a "renaissance" after their depressed
when the Federal Reserve reverses its monetary policy. Cowen expects the Fed to change course sometime next year. Cowen commented as follows:
"I do think [the depression phase] is coming, and then I think what comes after that is the altcoin renaissance, but that probably won't come until the Fed changes its course. I don't think the Fed will change course this year. There is a chance they change this year, but I just don't think so.
If they were to change this year, it does not mean that the altcoin market will rise again immediately. It may take a while, because if they were to change this year, they would only lower a very, very small amount."