An analyst who continues to grow his following with timely crypto calls believes altcoins are about to witness a final capitulation.
Crypto strategist Benjamin Cowen tells his 876,600 followers on social media platform X that the altcoin market is about to plummet against Bitcoin (TOTAL3/BTC).
TOTAL3 serves as a proxy for the altcoin market because it tracks the market capitalization of all cryptocurrencies except Bitcoin, Ethereum (ETH), and stablecoins.
According to Cowen, TOTAL3/BTC appears to be following a price pattern seen in 2019 when the pair dropped to a key support level before a reversal and a strong uptrend.
“It looks like the grand finale of the altcoin reckoning has finally arrived.
The calculation of the altcoins should be completed in December 2024 (no later than the second week of January 2025).
It has been a long journey and many have given up along the way, but this process would always repeat itself.”
A bearish TOTAL3/BTC chart suggests that Bitcoin is poised to significantly outperform the altcoin market.
Cowen zooms in on the altcoin market and takes a closer look at the OTHERS chart, which tracks the market capitalization of all crypto assets excluding the 10 largest coins and stablecoins. According to Cowen, OTHERS vs Bitcoin (OTHERS/BTC) just lost a key support level, indicating that lower cap altcoins are about to lose a lot of value against Bitcoin.
“I warned that OTHERS/BTC would wipe out the lows, rally to the BMSB (bull market support band) and then get rejected and hit new cycle lows.
This is happening now, while those promoting memecoin garbage will pretend it isn’t happening.
Don’t lose all your money chasing garbage memecoins. The people who promote them non-stop won’t care if you lose all your money trading them, and you’ll find them promoting different projects within a few months.
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Generated image: Midjourney