An analyst who continues to develop his following with well timed crypto calls believes that altcoins are about to witness a closing capitulation occasion.
Crypto strategist Benjamin Cowen tells his 876,600 followers on the social media platform X that the altcoin market seems 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.
Based on Cowen, TOTAL3/BTC seems to comply with a value sample witnessed in 2019 when the pair slumped to a key help degree earlier than a reversal and a powerful uptrend.
“It seems 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 an extended 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 better take a look at the OTHERS chart, which tracks the market cap of all crypto belongings excluding the ten largest cash and stablecoins. Based on Cowen, OTHERS in opposition to Bitcoin (OTHERS/BTC) simply misplaced a key help degree, suggesting that lower-cap altcoins are about to lose a variety of worth in opposition to Bitcoin.
“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market help band) then get rejected and put in new cycle lows.
That is now taking part in out, whereas those who promote memecoin rubbish will faux like this isn’t taking place.
Don’t lose all of your cash chasing rubbish memecoins, the those who promote them continuous won’t care for those who lose all of your cash buying and selling them, and you will see that they’ll transfer on to selling completely different tasks in just some months.”
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