A prominent crypto analyst, Benjamin Cowen, warns that altcoins are about to experience a sharp decline against Bitcoin (BTC).
Altcoins Losing Ground
Cowen’s analysis of the TOTAL3 chart, which tracks the market capitalization of all altcoins excluding Ethereum (ETH) and stablecoins, shows a bearish trend against Bitcoin. This suggests that altcoins may face a significant drop in the coming weeks.
Last Exit Pump
Cowen believes that the current altcoin rally is the “last exit pump” before a final capitulation in May and June. He compares this pattern to a similar trend observed in 2019.
Summer Slump
Cowen attributes the potential altcoin decline to a seasonal effect. During the summer months, traders tend to be less active, leading to a decrease in demand for altcoins.
Final Capitulation
Cowen predicts that altcoins will break below their current range lows and continue to decline, potentially reaching as low as 25% of Bitcoin’s market capitalization.
