Analyst Benjamin Cowen Says Grand Finale for ‘Altcoin Reckoning’ Already Underway – Here’s His Timeline

An analyst who continues to develop his following with well timed crypto calls believes altcoins are about to witness a remaining capitulation.

Crypto strategist Benjamin Cowen tells his 876,600 followers on social media platform X that the altcoin market is about to plummet towards Bitcoin (TOTAL3/BTC).

TOTAL3 serves as a proxy for the altcoin market as a result of it tracks the market capitalization of all cryptocurrencies besides Bitcoin, Ethereum (ETH), and stablecoins.

In response to Cowen, TOTAL3/BTC seems to be following a value sample seen in 2019 when the pair dropped to a key help stage earlier than a reversal and a robust uptrend.

“It seems just like the grand finale of the altcoin reckoning has lastly arrived.

The calculation of the altcoins ought to be accomplished in December 2024 (no later than the second week of January 2025).

It has been an extended journey and plenty of have given up alongside the way in which, however this course of would at all times repeat itself.”

A bearish TOTAL3/BTC chart means that Bitcoin is poised to considerably outperform the altcoin market.

Cowen zooms in on the altcoin market and takes a better take a look at the OTHERS chart, which tracks the market capitalization of all crypto property excluding the ten largest cash and stablecoins. In response to Cowen, OTHERS vs Bitcoin (OTHERS/BTC) simply misplaced a key help stage, indicating that decrease cap altcoins are about to lose a whole lot of worth towards Bitcoin.

“I warned that OTHERS/BTC would wipe out the lows, rally to the BMSB (bull market help band) after which get rejected and hit new cycle lows.

That is occurring now, whereas these selling memecoin rubbish will fake it is not occurring.

Do not lose all of your cash chasing rubbish memecoins. The individuals who promote them continuous will not care in case you lose all of your cash buying and selling them, and you will find them selling completely different initiatives inside just a few months.

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Generated picture: Midjourney