An analyst who continues to expand his audience through timely crypto calls believes altcoins are on the verge of a final capitulation event.
Crypto strategist Benjamin Cowen tells his 876,600 followers on social media platform
TOTAL3 serves as an indicator for the altcoin market as it tracks the market capitalization of all cryptocurrencies, excluding Bitcoin, Ethereum (ETH), and stablecoins.
According to Cowen, TOTAL3/BTC appears to be following a price trend seen in 2019, when the pair dropped to a key support level before a reversal and strong uptrend.
“It seems the grand finale of altcoin reckoning has finally arrived.
The altcoin count is expected to be completed by December 2024 (no later than the 2nd week of January 2025).
It was a long journey and many gave up along the way, but this process was always going to happen.
A bearish TOTAL3/BTC chart suggests that Bitcoin is poised to significantly outperform the altcoin market.
Zooming in on the altcoin market, Cowen takes a closer look at the OTHERS chart, which tracks the market cap of all crypto assets, excluding the 10 largest coins and stablecoins. According to Cowen, OTHERS versus Bitcoin (OTHERS/BTC) just lost a key support level, suggesting that small-cap altcoins are poised to lose a lot of value relative to Bitcoin.
“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market support band), then get rejected and hit new cycle lows.
This is currently happening, while those promoting memecoin garbage will pretend it is not happening.
Don’t waste all your money chasing trash memecoins, the people who promote them all the time won’t care if you lose all your money trading them, and you will find that they will move on to promoting different projects in just a few months.
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