Cryptocurrency analyst Benjamin Cowen is warning that altcoins may collapse in their Bitcoin (BTC) pairs any moment now.
In a new strategy session, Cowen tells his 900,000 YouTube subscribers that the TOTAL 3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum (ETH) and stablecoins, remains in a downtrend against the flagship crypto asset and has yet to find a market bottom.
“I don’t care how great you think your altcoin community is. I don’t care if your developers that you follow have not yet rugged you. Altcoins, in my opinion, are oscillators at best against Bitcoin, and many of them just bleed to Bitcoin. So if individually altcoins will bleed to Bitcoin, then collectively they should as well, and that’s the reason why I think alt/Bitcoin pairs will eventually find themselves down here [at 0.25]. I think it’s just a matter of time.”
Source: Benjamin Cowen/YouTube
A move toward the support area highlighted by Cowen would signal that altcoins are significantly underperforming Bitcoin.
Cowen also points out that altcoins are in a multi-year downtrend against Bitcoin with no signs of reversing the trend anytime soon.
“I don’t know exactly when alt/Bitcoin pairs are going to go to the range lows. I can’t tell you that, but what I can say is what you’re witnessing is basically the slow conversion of people holding alts and then they are just converting them to Bitcoin…
The chart tells you what’s happening. Alts put in a new low against Bitcoin [on June 1st]. So any prior altseason that was called for, any prior call for a low by alt/Bitcoin pairs up until today was wrong.”
TOTAL3/BTC is currently hovering at 0.33.
Generated Image: Midjourney
