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.” 

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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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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A popular on-chain strategist says Ethereum (ETH) is showing a great risk-reward ratio setup.

Analyst Ali Martinez tells his 76,900 followers on the social media platform X that ETH appears to be forming a bullish ascending channel on the weekly timeframe.

“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”

Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.

However, fellow crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a historic pattern of Ethereum bottoming out during the fourth quarter, he’s anticipating ETH drops to its logarithmic trendline, potentially as low as $1,000.

“When I look at the cycle, I see ETH at $2,400 and I just think that there is a really high probability that within a couple of months, probably in less than two months, we will look back at this and see that Ethereum finally went home and it took until Q4 of 2024 to do so…

In 2016, you can see that Ethereum finally entered the lower logarithmic correction trendline in basically early to mid-November. In 2019, it entered it in August but then it got back above it and then didn’t really durably stay in it until almost late September and October.”

ETH is trading for $2,409 at time of writing, down 2.1% in the last 24 hours.

Next up, the analyst says that Dogecoin (DOGE) is signaling a bullish reversal on the TD Sequential indicator, which traders use to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“The TD Sequential indicator has flashed a buy signal on the Dogecoin four-hour chart! If DOGE holds above the $0.141 support, we could see a rebound to $0.162.”

He also suggests that if DOGE flips the $0.169 level into support, the next resistance level would be in sight.

“If Dogecoin DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209!”

DOGE is trading for $0.162 at time of writing, up 7.4% in the last 24 hours.

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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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A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over.

Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market.

According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto.

Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close.

“Market average for sh*tcoins from here on out: probably about 3-5x for this cycle on the low end and 5-10x for prices on the high end.

Meaning: If you buy pretty much anything at this point in time, I expect it to go 3-5x.

Here are two examples with LINK [and] ALGO.” 

Looking at the trader’s chart, he seems to predict that LINK will surge by over 350% to revisit all-time high levels. As for ALGO, Altcoin Sherpa shares a chart suggesting that an over 300% move will not even take the coin close to its all-time high of $3.56.

Turning to the top memecoin Dogecoin (DOGE), Altcoin Sherpa thinks the altcoin is taking a breather before sparking a new leg up.

“This is the bottom you want to see for DOGE in my opinion.

Lots of volatility and a range forming.” 

At time of writing, DOGE is trading for $0.159.

Altcoin Sherpa also names other coins that he thinks will do well once the market enters full-bull territory.

“Mid-cap memes are taking a lot of mindshare and I still think stuff like BONK/PEPE/WIF probably outperforms a great percentage of utility coins. But if you’re looking for utility, I would prob go:

-New coins like EIGEN
-High float/older coins like FTM (+rebrand)
-new infra coming out like monad/berachain
-new coins that came out and down only (never pumped) aka REZ, ZK and those types

Lots of different ways to play the upcoming alt pump; be flexible and prepared.” 

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