Cryptocurrency analyst Benjamin Cowen is warning that altcoins could collapse of their Bitcoin (BTC) pairs any second now.
In a brand new technique session, Cowen tells his 900,000 YouTube subscribers that the TOTAL 3 chart, which tracks the market cap of all digital belongings excluding Bitcoin, Ethereum (ETH) and stablecoins, stays in a downtrend towards the flagship crypto asset and has but to discover a market backside.
“I don’t care how nice you suppose your altcoin group is. I don’t care in case your builders that you just observe haven’t but rugged you. Altcoins, in my view, are oscillators at greatest towards Bitcoin, and lots of of them simply bleed to Bitcoin. So if individually altcoins will bleed to Bitcoin, then collectively they need to as properly, and that’s the explanation why I feel alt/Bitcoin pairs will ultimately discover themselves down right here [at 0.25]. I feel it’s only a matter of time.”
A transfer towards the assist space highlighted by Cowen would sign that altcoins are considerably underperforming Bitcoin.
Cowen additionally factors out that altcoins are in a multi-year downtrend towards Bitcoin with no indicators of reversing the pattern anytime quickly.
“I don’t know precisely when alt/Bitcoin pairs are going to go to the vary lows. I can’t let you know that, however what I can say is what you’re witnessing is principally the sluggish conversion of individuals holding alts after which they’re simply changing them to Bitcoin…
The chart tells you what’s taking place. Alts put in a brand new low towards Bitcoin [on June 1st]. So any prior altseason that was referred to as for, any prior name for a low by alt/Bitcoin pairs up till in the present day was unsuitable.”
TOTAL3/BTC is presently hovering at 0.33.
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