A widely respected cryptocurrency analyst has warned that the altcoin market is set to collapse compared to Bitcoin (BTC).
In a new video update, cryptocurrency strategist Benjamin Cowen told his 800,000 YouTube subscribers that the TOTAL3 chart, which tracks the market caps of all altcoins minus Ethereum (ETH) and stablecoins, appears bearish compared to Bitcoin.
According to Cowen, the weakness of altcoins against Bitcoin suggests that they could collapse in the coming weeks.
“Most altcoins are still hitting new lows against Bitcoin pairs and you have to pick the ones in the top 20 to find what isn’t. Otherwise, we are heading towards a new low. Either now or find a recently created microcap to show it is not hitting a new low.
However, many of them can be seen by looking at TOTAL3 minus USDT divided by Bitcoin. I think what you are witnessing now is the final exit pump for the alt/Bitcoin pair before we see a final surrender of the pair as we head into May and June. “I think so.”
Analysts say the TOTAL3/Bitcoin pattern seen in 2019 could repeat itself in the current cycle.
“This is very similar to the pattern we saw in the last cycle. After setting a low point here (May 2019), the last bounce (June 2019) occurred, ultimately disappearing just below the bull market support zone and then turning lower again. summer.
And since many people are not as glued to their computers as they are in the fall, spring, and winter, we will likely see alt/Bitcoin pairs surrender in the summer months. During the summer months, collective bidding on altcoin markets can often dry up as people are often focused on other things.
So I think that’s what you’re seeing right now. I think we are seeing a final bounce in the alt/Bitcoin pair. But I think they’ll ultimately fail here and go back to the bottom of the range. But I don’t think that will happen this time if they break. Have mercy on other gatherings. I think it will lead to a final capitulation that will return Bitcoin to 25% of its market cap.”
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