If historical market cycle patterns repeat, a significant final sell-off of altcoins may be imminent. A crypto trader, predicting what could be the ultimate "altcoin reckoning," warns that altcoins may experience further pain before seeing any substantial gains.
"It seems we’re finally seeing the major final showdown for altcoins," said ITC Crypto founder Benjamin Cowen in a post on X on November 4.
Cowen added that the reckoning should conclude by December or by the second week of January 2025 at the latest. "It’s been a long journey, and many have given up, but this process has always been part of the cycle," he said.
Prediction Based on Historical Market Patterns
The forecast is grounded in a significant flush-out of altcoin markets during the bear market of 2019. Currently, the altcoin market capitalization chart is showing a similar pattern.
Altcoins gradually recovered in 2020 before reaching new highs in 2021. According to Cowen, a similar scenario could unfold in 2025.
In a separate post on X, he mentioned that altcoin/Bitcoin pairs have been bleeding for three years in a row, adding that the last two "altseasons" occurred in the years following the halvings of 2017 and 2021.
Anticipation for a New Altseason and Market Movements
Trader "ardizor" made a similar prediction in a post on November 4, stating that altseason patterns from 2017 and 2021 seem to be happening again after three years.
Meanwhile, crypto investor "Sensei" told his 60,000 followers on X that "the biggest altseason ever will begin in less than 10 days."
Bitcoin's Market Dominance Keeps Altcoins in Check
According to TradingView data, Bitcoin’s current market dominance is at its highest since March 2021, standing at 60.5%. Significant altcoin movements are unlikely until BTC's market share drops below 50%.
Over the weekend, crypto markets saw a slight pullback, with total capitalization declining to $2.4 trillion by November 4.
Altcoins bore the brunt of these losses — Ether and Solana fell by 11% from their October 30 highs, while BNB lost 8%. Bitcoin only dropped by 5.8% after briefly surpassing $73,000 at the end of last month, continuing to dominate the crypto market.
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