Ah, the delightful world of cryptocurrencies! Benjamin Cowen, ever the optimist (sarcasm intended), is issuing a rather gloomy forecast: altcoins may soon be taking a dive against Bitcoin, and frankly, it’s just a matter of time before they crash harder than my last dinner party. 🍷
In a new strategy session, Cowen shares with his ever-loyal 900,000 YouTube followers that the TOTAL 3 chart—which tracks the market cap of all digital assets excluding Bitcoin, Ethereum (ETH), and stablecoins—remains in a downtrend against Bitcoin. It seems the market bottom is playing a very elusive game of hide-and-seek. 🕵️♂️
“I don’t care how great you think your altcoin community is. I don’t care if your developers have yet to rug you. Altcoins, in my opinion, are oscillators at best against Bitcoin, and many of them just bleed to Bitcoin. So if individually altcoins will bleed to Bitcoin, then collectively they should as well, and that’s the reason why I think alt/Bitcoin pairs will eventually find themselves down here [at 0.25]. I think it’s just a matter of time.”
According to Cowen, should altcoins fall to his designated support area, we’ll know they’re officially underperforming Bitcoin. You know, the kind of underperformance we see when I try to play tennis with my cat. 🎾
He also points out that altcoins have been in a multi-year downtrend against Bitcoin. The trend reversal? Well, Cowen suggests it’s as likely as me winning a Nobel Prize in physics anytime soon. 🤷♂️
“I don’t know exactly when alt/Bitcoin pairs are going to go to the range lows. I can’t tell you that, but what I can say is what you’re witnessing is basically the slow conversion of people holding alts, and then they are just converting them to Bitcoin…
The chart tells you what’s happening. Alts put in a new low against Bitcoin [on June 1st]. So any prior altseason that was called for, any prior call for a low by alt/Bitcoin pairs up until today was wrong.”
Currently, TOTAL3/BTC is sitting at a rather uninspiring 0.33. Not quite the ‘altcoin moon’ we were promised, is it?
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2025-06-03 15:02