Crypto analyst Benjamin Cowen is cautioning investors that the altcoin market is on the verge of collapsing against Bitcoin (BTC). In a recent video update, Cowen, who has a substantial YouTube following of 800,000 subscribers, highlights that the TOTAL3 chart, which tracks the market capitalization of all altcoins excluding Ethereum (ETH) and stablecoins, is displaying a bearish trend against Bitcoin.

Cowen argues that the weakness of altcoins in relation to Bitcoin indicates that a collapse in the altcoin market is likely to occur in the coming weeks. He notes that the majority of altcoins are still reaching new lows against Bitcoin, and finding ones that are not requires cherry-picking from the top 20 altcoins or searching for recently created micro-cap altcoins.

By examining the TOTAL3 minus USDT divided by Bitcoin, Cowen concludes that the current situation can be seen as the final surge in altcoin/Bitcoin pairs before witnessing the ultimate capitulation of these pairs in May and June.

Drawing parallels to a similar pattern observed in 2019, Cowen suggests that alt/Bitcoin pairs often experience capitulation during the summer months, as market participants tend to shift their attention away from cryptocurrencies. He predicts that alt/Bitcoin pairs will experience a final bounce before ultimately failing and returning to the range lows. However, this time, he believes that there will be no mercy in another rally, leading to a final capitulation where altcoins will make up only 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 and due diligence before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where Cowen’s analysis was published, does not recommend buying or selling cryptocurrencies or digital assets, nor do they serve as investment advisors.