- Cryptocurrency analyst Benjamin Cowen predicts a significant drop for popular altcoin Solana
(SOL), warning that it’s at risk of losing crucial support levels.
- Cowen also anticipates a potential double dip for Bitcoin (BTC), which could result in a drop to the $13-14k range.
- The analyst warns that Litecoin (LTC) is unlikely to rise before Bitcoin’s planned block reward halving in 2024.
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Respected cryptocurrency analyst and strategist Benjamin Cowen has issued a warning about a potential drop for Solana (SOL), a favorite altcoin among cryptocurrency investors and a rival to Ethereum (ETH). Cowen also shared his latest views on Bitcoin (BTC) and Litecoin (LTC).
Analyst Predicts Solana Could Follow Cardano’s Path to a Significant Drop
In a post on his personal social media account, Cowen highlighted that Solana is at risk of losing key support levels, which could result in a drop of over 50% from current prices to around $10. He compared this potential scenario to Cardano’s (ADA) previous cycle, suggesting that SOL could similarly sweep the lows.
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According to the price chart shared by the analyst, Cardano experienced a sharp pullback from around $0.10 to $0.028 between May 2019 and May 2020. Cowen expects a similar loss of value for SOL.
A Worrisome Scenario for Bitcoin
Cowen believes that Bitcoin, the largest cryptocurrency, could form a double bottom pattern and return to the $13k to $14k range before a potential upward movement that would start before the Federal Reserve ends its interest rate hike cycle in early 2024. He also mentioned another possibility where BTC could drop to the $16k to $17k range before an upward movement at the beginning of the year, reaching $24k by April.
Litecoin Unlikely to Rise Before Bitcoin’s Block Reward Halving
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Based on past price movements, Cowen does not expect peer-to-peer payment network Litecoin to rise until after Bitcoin’s planned block reward halving in April 2024. He noted that even when LTC makes an upward move, it will likely underperform compared to BTC.
As a seasoned cryptocurrency analyst, Cowen’s predictions provide valuable insights for investors. While his views on Solana, Bitcoin, and Litecoin may not be what investors hope to hear, they serve as a reminder of the volatile nature of the cryptocurrency market and the importance of staying informed and prepared for various scenarios.