The “grand finale” for altcoins is nearing its end, suggesting a correction is imminent before a sharp rebound, according to crypto analyst and ITC Crypto founder Benjamin Cowen.
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 pic.twitter.com/WRVUvIHDTt
— Benjamin Cowen (@intocryptoverse) November 3, 2024
According to him, the main consolidation period will conclude by December or by the second week of January 2025.
“It has been a long journey, and many gave up, but the consolidation process always concludes,” the expert added.
Cowen’s forecast is based on historical data: in 2019, altcoins collapsed, in 2020, the trend gradually recovered, and in 2021, altseason began with new highs.
In a separate post, he noted that altcoin pairs with Bitcoin have continued to “bleed” for three consecutive years. The last two altseasons occurred in post-halving years — 2017 and 2021.
#ALT / #BTC pairs continue to bleed for 3 years straight.
The last 2 alt seasons occurred in post-halving years (2017, 2021).
I’m sure the gurus will laugh like they always do, but their alt season calls have been wrong for 3 years straight. pic.twitter.com/9nhxUEFlst
— Benjamin Cowen (@intocryptoverse) November 3, 2024
“I’m sure the gurus will laugh, as always, but their alt season predictions have been wrong for three years straight,” Cowen added.
Previously, analyst Willy Woo stated that altcoin seasons are likely to continue, although the intensity of returns will decrease as the cryptocurrency market matures.
As reported by Hashkey Capital, simply surpassing the historical high of digital gold is not enough to start an altcoin season. They estimate that Bitcoin must reach $80,000 for this to occur.