Crypto trader predicts final $2.4 trillion altcoin flush-out

Altcoins may face a significant downturn before seeing any recovery, according to a recent prediction by ITC Crypto founder Benjamin Cowen. 

He shared on social media platform X that a “grand finale of the altcoin reckoning” could occur soon, with the process expected to conclude by December 2024 or the second week of January 2025. 

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

The prediction is based on a historical market cycle pattern observed during the 2019 bear market. 

In that period, altcoins experienced a considerable downturn before gradually recovering in 2020 and eventually reaching new highs in 2021. 

Cowen suggests that a similar recovery could potentially unfold by 2025.

Another trader, "ardizor," echoed Cowen's perspective in a separate post, noting that altseason patterns from 2017 and 2021 appear to be repeating after three years. 

Meanwhile, a crypto investor known as “Sensei” offered a more optimistic view, forecasting “the biggest altseason ever” within the next 10 days to his 60,000 followers on X.

Bitcoin’s dominance in the crypto market is currently at 60.5%, its highest level since March 2021, based on TradingView data. 

Market analysts suggest that significant altcoin movements are unlikely until Bitcoin’s market share dips below 50% again.

Crypto markets declined over the weekend, with total capitalisation dropping to $2.4 trillion as of November 4. 

The losses have impacted altcoins more heavily than Bitcoin (CRYPTO:BTC), with Ether (CRYPTO:ETH) and Solana (CRYPTO:SOL) both down 11% from their recent peaks, while Binance Coin (CRYPTO:BNB) has seen an 8% drop. 

Bitcoin itself has dipped only 5.8% since hitting $73,000 in late October, maintaining a stronger position relative to other digital assets.