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Analyst Benjamin Cowen Says Grand Finale for ‘Altcoin Reckoning’ Already Underway – Here’s His Timeline

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An analyst who continues to grow his following with timely crypto calls believes that altcoins are about to witness a final capitulation event.

Crypto strategist Benjamin Cowen tells his 876,600 followers on the social media platform X that the altcoin market looks poised to plummet against Bitcoin (TOTAL3/BTC).

TOTAL3 serves as a proxy for the altcoin market as it tracks the market cap of all crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.

According to Cowen, TOTAL3/BTC appears to follow a price pattern witnessed in 2019 when the pair slumped to a key support level before a reversal and a strong uptrend.

“It looks like the grand finale of the altcoin reckoning has finally arrived.

The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest).

It has been a long journey, and many gave up along the way, but this process was always going to play out.” 

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Source: Benjamin Cowen/X

A bearish TOTAL3/BTC chart suggests that Bitcoin is primed to significantly outperform the altcoin market.

Zooming in on the altcoin market, Cowen takes a closer look at the OTHERS chart, which tracks the market cap of all crypto assets excluding the 10 largest coins and stablecoins. According to Cowen, OTHERS against Bitcoin (OTHERS/BTC) just lost a key support level, suggesting that lower-cap altcoins are about to lose a lot of value against Bitcoin.

“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market support band) then get rejected and put in new cycle lows.

This is now playing out, while those that promote memecoin garbage will pretend like this is not happening.

Don’t lose all your money chasing garbage memecoins, the people that promote them non-stop will not care if you lose all your money trading them, and you will find they will move on to promoting different projects in just a few months.” 

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Source: Benjamin Cowen/X

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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ADA

Cardano Primed To Continue Surging As Whales and Institutions Accumulate ADA, Says Crypto Analyst

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The layer-1 blockchain Cardano (ADA) is primed to continue its long-awaited price surge, according to a popular crypto analyst.

The digital asset trader Ali Martinez tells his 87,300 followers on the social media platform X that whales and “institutional players” have been buying into the Ethereum (ETH) competitor in anticipation of further price increases.

“The volume of large Cardano ADA transactions on the network has surpassed $22 billion per day. Those large transactions appear to be related to high accumulation levels. Indeed, whales holding from $1 million to over $10 million in ADA have increased their positions by more than 100% in the past month. 

The high buying pressure is starting to move prices, and from a technical perspective, Cardano seems to be mirroring its previous bullish cycle. If this pattern holds true, ADA could target $6!”

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Source: Ali Martinez/X

Martinez also notes that one “key area” of support that ADA needs to hold to maintain its bullish thesis is $0.80. At that price point, 48,000 addresses bought nearly 1.20 billion ADA.

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Source: Ali Martinez/X

ADA is trading at $1.06 at time of writing. The ninth-ranked crypto asset by market cap is up more than 24% in the past 24 hours, more than 48% in the past seven days and nearly 200% in the past month.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Analyst Says Dogecoin Has Way More Room To Grow, Sees Potential Rally to New All-Time High for DOGE

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A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.

He uses Google search trends to gauge the level of interest for the top memecoin by market cap.

“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”

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Source: Ali Martinez/X

He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.

“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”

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Source: Ali Martinez/X

DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.

Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.

Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”

Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.

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Altcoins

Top Trader Unveils Path to New All-Time High for Dogecoin, Says DOGE Will Remind Everyone Who Is the King

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A trader who continues to grow his following with timely crypto calls is outlining a potential price path for Dogecoin’s (DOGE) rally to fresh all-time highs.

Pseudonymous analyst Bluntz tells his 292,900 followers on the social media platform X that Dogecoin looks poised for a new wave of upside bursts after printing a local bottom at around $0.339.

The trader shares a chart suggesting that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.

“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.

Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion.

I think this week will be a DOGE week.” 

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Source: Bluntz/X

Bluntz practices the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, where waves one, three and five are upside moves and waves two and four are corrective periods.

At time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.

Zooming in, Bluntz shares his forecast for DOGE in the coming days.

“Ideal scenario for DOGE is a slow grind up over the next few days which could set the stage for another parabolic breakout later in the week similar to the last…

I think DOGE is gonna gently remind everyone who the king is this week.”

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Source: Bluntz/X

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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