Legendary cryptocurrency analyst, Benjamin Cowen expressed confidence Ethereum (ETH)The world’s largest altcoin could soon surpass Bitcoin (BTC). This bullish outlook comes as both major cryptocurrencies significant price fluctuationsHowever, Cowen expects Ethereum’s current downtrend to end by the end of the year, setting the stage for a rebound.
Ethereum on track to overtake Bitcoin
Recently interview On the Bankless podcast, Cowen provided an in-depth analysis of the current state of the cryptocurrency market, highlighting Bitcoin. Ethereum price fluctuations Compared to previous bullish cycles, the analyst provided insight into Ethereum’s prospects and said the cryptocurrency Better than Bitcoin In the next rising cycle.
Cowen forecasts that Q3 2024 will be August and September price plunge And there was negative sentiment across the broader cryptocurrency markets. He predicted that Ethereum could fall further from this point. The price rises noticeably.
The analyst noted that Ethereum typically follows a unique trend pattern in each cycle, with the ETH/BTC trading pair tending to peak, then bottom, and then form a lower high. He noted that in 2016, Ethereum first broke support and peaked, then fell by more than 70%. However, the cryptocurrency eventually recovered and resumed its upward trajectory a year after the halving.
Cowen emphasized that this unique price action has been repeated in every bull cycle, and that Ethereum is currently following a similar trajectory. He noted that historically, during previous bull cycles, Ethereum outperformed BitcoinHe expressed confidence that cryptocurrencies can rise again this cycle.
As a result, Cowen expects a pivot in: Federal Reserve System (FED) He believes this is an imminent situation that will drive the ETH/BTC pair. Price bottom By the end of the year, analysts predicted: Ethereum Price It is likely to fall below $2,000 in the fourth quarter of this year, after which it will likely rebound to new levels.
Is the bull market over?
During the podcast, Cowen was asked a number of questions, the most notable being, “Is the bull market over?” The reason for this question may be due to the current market conditions in the crypto space.
attache Bitcoin all-time high The cryptocurrency, which is currently valued at over $73,000 as of March 2024, has seen a massive downtrend. Even if it falls below $54,000 At some point this year, this unexpected downtrend after the April 20 halving Speculation that the bull market is over.
Cowen responded to a question about whether the bull market is over or has yet to begin, stating that he believes the market has already experienced the quantitative tightening (QT) phase of the bull market and is likely to enter a quantitative easing (QE) bull market by 2025.
Featured image made with Dall.E, charts from Tradingview.com