Benjamin Cowen, CEO of Into the Cryptoverse, issued a warning that most altcoins should and likely will go to zero. The analyst posted on X that traders should “stop believing in the alt season just because some guru told you it would happen.” Cowen characterized the cryptocurrency asset class as requiring cleansing of “useless garbage” with midterm years providing ideal conditions for this process.
The warning arrives as Bitcoin maintains 59.1% market dominance while trading near $88,000. Cowen pointed to historical patterns where Bitcoin strengthens during U.S. midterm election uncertainty, with November 2026 elections approaching, while altcoins weaken during these periods.
Cowen stated in a follow-up post that “basically every day for the last several months, people keep saying alts have bottomed and yet they just keep going lower.” The analyst emphasized that midterm years typically create bear markets for cryptocurrency. He also cautioned against manufacturing bullish narratives where market conditions do not support them.
In response to another analyst’s bottom-calling attempt, Cowen noted altcoins dropped 40% against silver since the previous prediction. “When you said the same thing in December, it certainly ‘sounded right.’ The time to pivot away from alts has been literally any point over the last 5 years,” Cowen stated.
He argued that repeatedly calling bottoms every few months will eventually prove correct but this does not validate holding through extended declines. “The people who did not [sell] are just coping by constantly calling the bottom,” Cowen added, revealing he exited altcoin positions long ago.
Ran Neuner commented “I’ve been here since 2017 and I don’t recall a time when crypto sentiment was this bad” in response to the discussion. Altcoin Daily countered with “you can still become a crypto millionaire,” suggesting opportunities remain despite bearish conditions.
(adsbygoogle = window.adsbygoogle || []).push({});Daan Crypto Trades noted the current cycle has taught that “being patient and only participating when the market is hot is rewarded.” The trader stated this cycle punished long-term holding of assets beyond Bitcoin and selected a few altcoins. “Anything else mostly bled against BTC,” Daan concluded.
Cowen’s analysis included a chart showing total altcoin market capitalization declining against silver, illustrating altcoins are “down against basically everything.” Supporters of his thesis agree the cycle favors Bitcoin and limited standout projects.
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