In a recent video update, well-known crypto strategist Benjamin Cowen is cautioning his large YouTube following about the impending collapse of the altcoin market in relation to Bitcoin (BTC).

Cowen explains that the current TOTAL3 chart, excluding Ethereum (ETH) and stablecoins, indicates a bearish trend for altcoins against Bitcoin. The downward trajectory suggests that the majority of altcoins may experience a significant downturn in the next few weeks.

The analyst compares the current situation with a pattern observed in 2019, where a similar bounce in alt/Bitcoin pairs before entering a phase of final capitulation. Cowen believes that history may repeat itself, leading to a decrease in alt/Bitcoin pairs going back to 25% of Bitcoin's market capitalization.

Overall, Cowen anticipates a challenging period for altcoins in the near future as investors prepare for the final capitulation phase in May and June.