The altcoin markets are on the verge of imploding against Bitcoin, according to a widely-followed crypto analyst.BTC).
In a new video update, crypto strategist Benjamin Cowen tells His 800,000 subscribers on YouTube that the TOTAL3 graph, which tracks market capitalization for all altcoins (minus Ethereum)ETHBitcoin is a bearish coin.
Cowen says that the weakening of altcoins in comparison to Bitcoin could lead to a crash for altcoins within weeks.
The majority of altcoins still put in new lowests for their Bitcoin pairs. To find those that don’t, you would have to pick out the ones from the top 20, that either aren’t or are on the way to reaching new lows. Or you could find a recently created micro-cap and find that.
You can tell that a number of these pairs are still in the ascendant by looking at USDT minus TOTAL3, divided by Bitcoin. What you are seeing right now, I believe, is the final exit pump for alt/Bitcoin pair before we witness a capitulation in alt/Bitcoin as we move into May and Juni. This is my opinion.”
An analyst believes that the TOTAL3/Bitcoin patterns of 2019 are likely to repeat themselves in the current cycle.
This is very similar to the pattern that we observed last cycle, whereafter setting a new low. [in May 2019]We then bounced one last time. [in June 2019] This eventually faded to just below bull market support bands and rolled on into the summer.
You will often see that alt/Bitcoin pair prices capitulate during summer because people aren’t as attached to their computer as they are in the fall, spring or winter. People tend to focus more on other things during the summer, which can lead to a decline in the demand for altcoins.
You’re seeing that right now. The alt/Bitcoin pair is getting a final boost, but they will ultimately fall back to their range lows. This time, when they fail, there won’t be mercy for another rally. It’s going to lead you back into the final capitulation.
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