Benjamin Cowen Predicts 70% Price Crash for Altcoins: Are New Crypto Presales a Safer Investment?

Due to the escalating tensions in the Middle East, cryptocurrency prices dropped once more and could not build on their gains from Monday. 

The broader stock market is trending lower, dragging cryptocurrencies down with it as Israel gets ready to respond to Iran's drone attacks. 

On Tuesday, the price of Ethereum dropped to $3,025, while the price of Bitcoin dropped to $62,000. According to CoinGecko, the entire value of the cryptocurrency market has decreased by 4% over the last day. 

The founder of Into The Cryptoverse, Benjamin Cowen, believes that altcoins may crash 70% and that the crypto market is about to get much worse. 

Could Another Crypto Price Crash Be on the Horizon for Altcoins?

Cowen points out that altcoins are doomed due to the bearish trajectory of ETH/BTC. 

The trading pair is headed for a final capitulation event after breaking through the June 2022 low, a critical support level. 

While "buy the dip" is still a common strategy among cryptocurrency traders, Cowen points out that altcoins may experience another bear market soon. After ETH/BTC broke through a critical support level in 2019, altcoins experienced a significant 70% decline over the next 6 to 9 months. 

According to Luke Martin, another analyst, popular mid-cap cryptocurrencies could be doing better overall. Cryptocurrencies trending downward, like Arbitrum, Filecoin, and Atom, are only 15% to 20% above their bear market lows.

The macroeconomic and geopolitical outlooks will not help the altcoins in any way. Based on recent reports, Israel may launch a counterattack against Iran very soon, and the UN is concerned that its targets might include Iranian nuclear infrastructure. 

Inflation in the US economy is also not looking good due to the possibility of another Middle East war. 

The Federal Reserve's monetary policy was markedly different because CPI was not as expected.

The market currently expects only two interest rate reductions by 2024, having significantly pared back its initial forecast of more than 7 cuts, according to the CME FedWatch tool.

This would hurt US and international market liquidity, which might increase selling pressure on cryptocurrency prices.

New Bitcoin Minetrix Crypto Presale Ending in 10 Days

Crypto presales and low-cap tokens are mostly unaffected, but large-cap and mid-cap stocks may experience an extended bear market. 

Bitcoin Minetrix - a cloud mining token, its ICO occurred end of 2019 and raised 13 million dollars, some experts predict post listing returns between 10X to even 100X as well.

Bitcoin Minetrix aims to make it easier for small-scale retail investors to get involved in mining rewards by streamlining the whole crypto mining process. A monolithic enterprise that relies solely on the power of capital and skill versus those Bitcoin mines, also by eliminating the need for technical expert and capital investment, threats their monopoly.

Users must purchase $BTCMTX tokens and use the user-friendly stake-to-mine dashboard to stake them. After mining BTC for the users, Bitcoin Minetrix distributes the earnings proportionately.

Because of its usefulness for cloud mining, experts consider Bitcoin Minetrix a long-term investment. Given that the price of Bitcoin is predicted to hit $100,000 in the upcoming months, $BTCMTX and the value of cryptocurrency mining rewards will both rise sharply.

There is a limited time for investors to purchase the new token at the presale discount price if they want to profit as much as possible. The token will launch shortly after the initial coin offering (ICO), which is scheduled to conclude on April 25.

The demand for Bitcoin-related altcoins will probably be very high due to the upcoming April 20th Bitcoin Halving, creating the perfect environment for a strong Bitcoin Minetrix rally following the launch.