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 towards 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 line with Cowen, TOTAL3/BTC seems to comply with a value sample witnessed in 2019 when the pair slumped to a key assist degree earlier than a reversal and a robust uptrend.
“It seems to be just like the grand finale of the altcoin reckoning has lastly arrived.
The altcoin reckoning must be over by December 2024 (2nd week of January 2025 on the newest).
It has been a protracted journey, and lots of gave up alongside the way in which, however this course of was all the time 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 better take a look at the OTHERS chart, which tracks the market cap of all crypto belongings excluding the ten largest cash and stablecoins. In line with Cowen, OTHERS towards Bitcoin (OTHERS/BTC) simply misplaced a key assist degree, suggesting that lower-cap altcoins are about to lose loads of worth towards 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 people who promote memecoin rubbish will faux like this isn’t occurring.
Don’t lose all of your cash chasing rubbish memecoins, the people who promote them continuous won’t care when you lose all of your cash buying and selling them, and you’ll discover they are going to transfer on to selling totally different tasks in only a few months.”
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