With the timely cryptocurrency currency continuing to grow its following, the analyst believes that the altcoin will soon witness its final capitulation event.
Crypto strategist Benjamin Cowen told his 876,600 followers on social media platform
TOTAL3 tracks the market capitalization of all cryptocurrencies except Bitcoin, Ethereum (ETH), and stablecoins, thus acting as a proxy for the altcoin market.
According to Cowen, TOTAL3/BTC appears to be following a price pattern in 2019 that saw a decline to key support levels before a reversal and a strong upward trend.
“It seems that the grand narrative of altcoin calculations has finally arrived.
Altcoin counting must be completed by December 2024 (at the latest by the second week of January 2025).
It has been a long journey and many have given up along the way, but this process will always continue.”
The bearish TOTAL3/BTC chart suggests that Bitcoin is poised to significantly outperform the altcoin market.
Expanding on the altcoin market, Cowen takes a closer look at the OTHERS chart, which tracks the market capitalization of all cryptocurrency assets except the top 10 coins and stablecoins. According to Cowen, OTHERS to Bitcoin (OTHERS/BTC) has lost a key support level, implying that small-cap altcoins will lose a lot of value compared to Bitcoin.
“I warned that OTHERS/BTC would sweep the lows, rise to BMSB (bull market support) and then be rejected and enter a new cycle low.
This is going on now, while those promoting memecoin crap will pretend that this is not happening.
Don’t lose all your money chasing trash memecoins. People who promote this constantly will not care if you lose all your money trading them, you will find that they will move on to promoting other projects in just a few months.”
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