An analyst who continues to develop his following with well timed crypto calls believes that altcoins are about to witness a remaining 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 response to Cowen, TOTAL3/BTC seems to comply with a worth sample witnessed in 2019 when the pair slumped to a key help 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 needs 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 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 have a look at the OTHERS chart, which tracks the market cap of all crypto belongings excluding the ten largest cash and stablecoins. In response to Cowen, OTHERS towards Bitcoin (OTHERS/BTC) simply misplaced a key help degree, suggesting that lower-cap altcoins are about to lose quite a lot of worth towards 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 occurring.
Don’t lose all of your cash chasing rubbish memecoins, the folks that promote them continuous won’t care in case you lose all of your cash buying and selling them, and you will discover they are going to transfer on to selling totally different tasks in just some months.”
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