An analyst who continues to develop his following with well timed crypto calls believes that altcoins are about to witness a last capitulation occasion.
Crypto strategist Benjamin Cowen tells his 876,600 followers on the social media platform X that the altcoin market seems to be poised to plummet in opposition to Bitcoin (TOTAL3/BTC).
TOTAL3 serves as a proxy for the altcoin market because it tracks the market cap of all crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.
In accordance with Cowen, TOTAL3/BTC seems to observe a worth sample witnessed in 2019 when the pair slumped to a key assist stage earlier than a reversal and a powerful uptrend.
“It seems to be just like the grand finale of the altcoin reckoning has lastly arrived.
The altcoin reckoning ought to be over by December 2024 (2nd week of January 2025 on the newest).
It has been a protracted journey, and plenty of gave up alongside the best way, however this course of was at all times going to play out.”
A bearish TOTAL3/BTC chart means that Bitcoin is primed to considerably outperform the altcoin market.
Zooming in on the altcoin market, Cowen takes a more in-depth take a look at the OTHERS chart, which tracks the market cap of all crypto belongings excluding the ten largest cash and stablecoins. In accordance with Cowen, OTHERS in opposition to Bitcoin (OTHERS/BTC) simply misplaced a key assist stage, suggesting that lower-cap altcoins are about to lose a number of worth in opposition to Bitcoin.
“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market assist band) then get rejected and put in new cycle lows.
That is now taking part in out, whereas those who promote memecoin rubbish will fake like this isn’t occurring.
Don’t lose all of your cash chasing rubbish memecoins, the those that promote them continuous won’t care when you lose all of your cash buying and selling them, and you will see they’ll transfer on to selling totally different initiatives in only a few months.”
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