Crypto analyst Benjamin Cowen is cautioning that the altcoin market is on the verge of collapsing against Bitcoin (BTC). In a recent video update, Cowen, who has a large following on YouTube, explains that the TOTAL3 chart, which tracks the market capitalization of all altcoins excluding Ethereum (ETH) and stablecoins, is showing a bearish trend against Bitcoin. Cowen believes that this weakness in altcoins indicates that they may experience a significant decline in the upcoming weeks. He points out that most altcoins are currently hitting new lows when compared to Bitcoin, with only a few exceptions in the top 20. Cowen suggests that the current situation resembles a pattern that occurred in 2019, where alt/Bitcoin pairs saw a final bounce before ultimately capitulating during the summer. He predicts that this pattern may repeat itself in the current cycle, leading to a further decline in altcoins. Cowen concludes by stating that he expects alt/Bitcoin pairs to go back down to the range lows and potentially reach 25% of Bitcoin’s market cap.
