Crypto analyst Benjamin Cowen is sounding the alarm on the altcoin market, predicting a potential collapse against Bitcoin (BTC). In a recent video update, Cowen, who has a substantial following of 800,000 subscribers on YouTube, points to the bearish trend on the TOTAL3 chart, which tracks the market capitalization of all altcoins excluding Ethereum (ETH) and stablecoins.

According to Cowen, the weakening performance of altcoins against Bitcoin indicates that a collapse may be imminent in the coming weeks. He notes that the majority of altcoins are hitting new lows in their Bitcoin pairs, and it is becoming increasingly difficult to find exceptions to this trend. Cowen suggests that the current surge in alt/Bitcoin pairs may be the last exit pump before a final capitulation in May and June.

Drawing parallels to a similar pattern observed in 2019, Cowen explains that alt/Bitcoin pairs tend to capitulate during the summer months when market activity slows down. He believes that the collective bid for the altcoin market may dry up as people shift their focus to other activities. Cowen predicts that alt/Bitcoin pairs will experience one final bounce before ultimately failing and returning to range lows. He warns that this time, there may be no mercy in another rally, leading to a final capitulation that could bring altcoins down to 25% of Bitcoin’s market capitalization.

It is important to note that the opinions expressed by Cowen are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl, where the article is sourced from, does not recommend the buying or selling of any cryptocurrencies or digital assets.