Altcoins in ‘Last Exit Pump’ Against Bitcoin Before Final Capitulation, Warns Top Analyst – Here’s the Timeline
A extensively adopted crypto analyst is issuing a warning that the altcoin market is about to implode towards Bitcoin (BTC).
In a brand new video replace, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum (ETH) and stablecoins, appears to be like bearish towards Bitcoin.
In keeping with Cowen, the weak spot of altcoins towards Bitcoin means that alts might witness a collapse in the coming weeks.
“A majority of the altcoins are nonetheless placing in new lows on their Bitcoin pairs and to search out ones that aren’t, you’d should cherry-pick ones in the prime 20 that aren’t or they’re on their method to new lows proper now otherwise you’d should discover a micro-cap that was created lately and present that one which’s not placing in new lows.
However loads of them are and you may see that by taking a look at TOTAL3 minus USDT divided by Bitcoin. I feel what you’re witnessing proper now’s the final exit pump of alt/Bitcoin pairs earlier than we see closing capitulation of alt/Bitcoin pairs as we go into Might and June. That’s what I feel.”
The analyst says a TOTAL3/Bitcoin sample that performed out in 2019 could also be repeating itself in the present cycle.
“It is a very comparable sample we noticed final cycle the place after setting a low right here [in May 2019], we then had one closing bounce [in June 2019] that in the end pale slightly below the bull market assist band after which it rolled over into the summer season.
And loads of instances you will note alt/Bitcoin pairs capitulate in the summertime as a result of lots of people aren’t as glued to their computer systems as they’re throughout the fall and the spring and the winter. Throughout the summertime, individuals concentrate on different issues loads of instances, and so the collective bid for the altcoin market can typically dry up.
And so I feel that that’s what you’re taking a look at proper now. I feel we’re seeing alt/Bitcoin pairs get this closing bounce up, however I feel they’re going to in the end fail right here and return all the way down to the vary lows however this time after they break, I don’t assume there’s going to be any mercy in one other rally. I feel it’ll simply lead you into the closing capitulation, going again to 25% of Bitcoin’s market cap.”
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