thecryptobasic.com
Veteran trader Benjamin Cowen has defended himself following criticisms that he caused the price woes Cardano faces after his accurate prediction.
After veteran analyst Cowen’s Cardano assertion came to fruition, he has faced severe criticisms from ADA bulls. For context, the ITC Crypto founder forecasted in August 2023 that ADA would capitulate against Bitcoin, targeting the 400 SATS price mark.
Notably, his predictions came to fruition in October as ADA/BTC traded at $0.0000049, an equivalent of 490 SATS. Meanwhile, the trading pair has fallen further since then, exchanging hands at 481 SATS at the time of writing.
Analyst Face Criticisms
Following the realization of his predictions, Cowen and Altcoin Daily took to X to notify their audience that his speculation had come to fruition. Notably, Cowen taunted skeptics who critiqued his forecast, asking if they still needed a comment.
Since then, Cardano bulls have bashed Cowen for his “involvement” in ADA’s fall. The analyst noted that a particular X user, “cardano whale,” has blamed him for causing the capitulation of the 11th cryptocurrency by market cap.
According to a picture Cowen shared, the user implied that he repeatedly shilled a Cardano capitulation to his nearly 1 million X followers and on YouTube, influencing sentiments around the asset. The user blamed Cowen for the downtrend, stating he was “part of the machine.”
Meanwhile, the market veteran has defended himself, noting that his large audience didn’t mean he caused Cardano’s fall against Bitcoin. He further insisted that being wrong on one’s speculation was part of the game, and instead of blaming others, the analyst should take responsibility.
Community Reacts
Cowen’s Monday post sparked further reaction from the crypto community, particularly ADA proponents. A user argued that having over 800,000 followers and a good reputation could influence investor rationale on an asset.
He noted that people often listen to notable analysts and make investment decisions. However, Cowen replied that despite his large audience, he still gets speculations wrong, so the concept that he influenced ADA’s price was untrue.
Meanwhile, another user shared a similar encounter with the Cardano bull dragging Cowen for his Cardano analysis. He noted that the same influencer called him out on his analysis, touted him, and blocked him.
Notably, ADA followed a broader market correction yesterday, trading at $0.3311 at the time of writing. The asset is down 4.61% in the past seven days and 5.18% month-over-month.