A popular crypto trader is predicting a huge shake-up for altcoins, suggesting that a final reckoning may be just around the corner.
What’s the deal here?
Benjamin Cowen, the founder of ITC Crypto, took X to share his thoughts on the current state of the altcoin market, as he believes we might be nearing the end of a long and painful process for altcoins.
“It looks like the grand finale of the altcoin reckoning has finally arrived.”
Cowen anticipates this phase will wrap up by December 2024 or at the latest, the second week of January 2025.
He explained that many investors have been through a tough journey and some have even thrown in the towel along the way.
But he reassures us that this was always part of the plan. His prediction is based on historical patterns, particularly recalling a similar scenario during the bear market of 2019. Back then, alts experienced a strong flush-out before bouncing back.
History rhymes?
Cowen pointed out that after that bear market in 2019, altcoins began to recover gradually in 2020 and then surged to new heights in 2021.
He believes we could see a similar pattern play out again in 2025. In another post, he noted that altcoin/Bitcoin pairs have been struggling for three years straight.
Interestingly, the last two major altcoin seasons occurred in post-halving years—2017 and 2021—so he’s keeping an eye out for history to repeat itself.
And Cowen isn’t alone with this view. Trader “ardizor” echoed Cowen’s sentiments, suggesting that we’re seeing similar patterns from those past altseasons.
Meanwhile, another crypto investor “Sensei” is feeling optimistic and told his followers that “the biggest altseason ever will start in less than 10 days.” Sounds good, so we’re waiting.
Market movements
Right now, Bitcoin is flexing its muscles with a market dominance of 60.5%, its highest level since March 2021.
This means it’s pretty unlikely we’ll see any bigger movements for alts until Bitcoin’s market share dips below 50% again.
Over the weekend, crypto markets took a hard hit, with total capitalization falling to $2.4 trillion by Monday.
Altcoins have borne the brunt of these losses, Ether and Solana dropped about 11% since their highs on October 30, while BNB lost around 8%.
On the other hand, Bitcoin only dipped by 5.8% since hitting over $73,000 late last month.
