In the ever-volatile world of cryptocurrencies, the latest revelation from esteemed crypto analyst Benjamin Cowen has sent shockwaves throughout the industry. Cowen’s keen insights have unearthed a potential disruptor with far-reaching implications for the entire cryptocurrency market, putting Shiba Inu (SHIB) and Cardano (ADA) investors on high alert.
Cowen’s latest tweet has unveiled a noteworthy development in the U.S. Dollar Index (DXY) chart – the emergence of a golden cross pattern. The golden cross, marked by a short-term moving average surpassing a long-term moving average, is a well-recognized harbinger of substantial upward trends. The U.S. dollar might be on the brink of a formidable resurgence, poised to disrupt the financial terrain, including the cryptocurrency sphere.
As the U.S. dollar gains momentum, crypto analyst Cowen foresees the possibility of capital migration away from alternative markets, potentially posing a challenge to the cryptocurrency sphere. However, an intriguing twist emerges in Cowen’s narrative. He envisions a minor hiccup in the dollar index before the complete transformation occurs. This hiccup could, interestingly, result in transient gains for cryptocurrencies, offering a ray of hope to fervent digital asset enthusiasts.
One critical revelation in Cowen’s analysis revolves around the possible fate of altcoins, with Shiba Inu and Cardano in the spotlight. Even during this adjustment period, Cowen suggests that Bitcoin’s dominance over the crypto market is expected to expand, possibly consolidating liquidity within Bitcoin and exposing altcoins to vulnerability.
Cowen has a history of making predictions about the crypto market, and he previously warned in September about an upcoming downturn caused by decreasing liquidity. Cowen predicts that this trend will continue until quantitative easing measures, as per U.S. Federal Reserve policy, potentially come into play. However, he cautions that this scenario might materialize in the summer of 2024, leaving the crypto community with a sense of anticipation.
In the face of these potential market shifts, investors in Shiba Inu and other altcoins are concerned about the resilience of their portfolios. As the US dollar makes a comeback, all eyes are on the evolving crypto landscape, anticipating the next development in the crypto narrative.
