Legendary crypto analyst, Benjamin Cowen has expressed confidence that Ethereum (ETH), the world’s largest altcoin, may outperform Bitcoin (BTC) quickly. This optimistic projection comes as each main cryptocurrencies expertise significant price fluctuations, nonetheless, Cowen foresees Ethereum’s present downtrend concluding by yr’s finish, setting the stage for a resurgence.
Ethereum On Monitor To Outperform Bitcoin
In a current interview on the Bankless podcast, Cowen supplied an in-depth evaluation of present crypto market situations, emphasizing Bitcoin and Ethereum price movements in comparison with earlier bull cycles. The analyst provided insights into Ethereum’s outlook, believing that the cryptocurrency will outperform Bitcoin within the subsequent bull cycle.
Cowen disclosed that the Third Quarter (Q3) of 2024 has been comparatively boring, with August and September seeing sharp price declines and destructive sentiment all through the broader crypto market. He predicted that Ethereum may drop even decrease from this level earlier than experiencing any notable uptick in its price.
The analyst famous that Ethereum normally follows a singular development sample in every cycle, the place the ETH/BTC buying and selling pair tends to achieve a prime, then a low and subsequently varieties a decrease excessive. He disclosed that in 2016, Ethereum broke assist for the primary time, peaked after which skilled a decline of over 70%. Nevertheless, the cryptocurrency ultimately recovered and resumed its upward trajectory within the post-halving yr.
Cowen highlighted that this distinctive worth motion has been repeated in each bull cycle, and Ethereum is at the moment following an analogous trajectory. He identified that traditionally, throughout earlier bull cycles, Ethereum has outperformed Bitcoin, expressing confidence that the cryptocurrency may accomplish that once more on this cycle.
Because of this, Cowen anticipates a pivot from the Federal Reserve (FED) is imminent, which he believes would drive the ETH/BTC pair to a price bottom by the top of the yr. The analyst has predicted that the price of Ethereum could probably drop under $2,000 within the Fourth Quarter (This fall) of this yr, earlier than experiencing a bounce to new ranges.
Is The Bull Market Useless?
In the course of the podcast, Cowen was bombarded with a ton of questions, essentially the most notable being, ” Is the bull market over?” The explanation behind this query could be attributed to the present market situations within the crypto house.
Following Bitcoin’s all-time high of over $73,000 in March 2024, the cryptocurrency has been on a large downtrend, even falling below $54,000 sooner or later this yr. This sudden bearish development after its halving occasion on April 20 has led to speculations of the bull run being over.
In addressing whether or not the bull market has ended or is but to start, Cowen clarified that the market has already skilled the Quantitative Tightening (QT) part of the bull market and is positioning itself for a Quantitative Easing (QE) bull market by 2025.
Featured picture created with Dall.E, chart from Tradingview.com
