Altcoins are in “final exit pump” versus Bitcoin before final capitulation, top analyst warns – here’s the timeline

A widely followed crypto analyst is warning that the altcoin market is about to implode against Bitcoin (BTC).

In a new video update, crypto strategist Benjamin Cowen explains to his 800,000 YouTube subscribers that the TOTAL3 chart, which tracks the market cap of all altcoins minus Ethereum (ETH) and stablecoins, looks bearish compared to Bitcoin.

According to Cowen, the weakness of altcoins against Bitcoin suggests that altcoins could experience a collapse in the coming weeks.

“A majority of altcoins are still making new lows on their Bitcoin pairs, and to find ones that aren't, you'd have to pick the ones from the top 20 that aren't, or they're on their way to new lows.” or you would need to find a micro cap that was recently created and prove it is not making new lows.

But many of them are, and you can see that if you look at TOTAL3 minus USDT divided by Bitcoin. I think what you are witnessing is the final exit of the alt/bitcoin pairs before we see the final capitulation of the alt/bitcoin pairs in May and June. That’s what I think.”

Source: Benjamin Cowen/YouTube

The analyst says a TOTAL3/Bitcoin pattern that played out in 2019 could repeat itself in the current cycle.

“This is a very similar pattern that we saw last cycle after hitting a low here [in May 2019]we then had a final surge [in June 2019] which ultimately faded just below the bull market support band and then continued into the summer.

And often you will see Alt/Bitcoin pairs capitulate in the summer because many people are not as glued to their computers as they are in the fall, spring and winter. During the summer, people often focus on other things, so the collective supply for the altcoin market often dries up.

And I think that's what you're seeing right now. I think we are seeing Alt/Bitcoin pairs make this final bounce but I think they will ultimately fail here and fall back to the lows of the range, but this time when they break through I don't think that will happen will be merciful at another rally. I think it will only lead you to final capitulation and fall back to 25% of Bitcoin’s market cap.”

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