As a seasoned analyst with over a decade of experience in the financial markets, I find myself intrigued by Benjamin Cowen’s bullish outlook on Ethereum outperforming Bitcoin. With my own personal journey through the 2017 and 2021 bull runs, I can attest to the unpredictable yet captivating nature of the crypto market.
Renowned crypto analyst, Benjamin Cowen, has voiced optimism that Ethereum (ETH), the biggest alternative coin, might surpass Bitcoin (BTC) in the near future. This positive forecast is made amidst substantial price swings for both major cryptocurrencies. Cowen anticipates that Ethereum’s current slump will end before the year does, paving the way for a comeback.
Ethereum On Track To Outperform Bitcoin
During a recent conversation on the Bankless podcast, Cowen shared an extensive examination of the current crypto market trends, with a focus on the fluctuations in Bitcoin and Ethereum prices compared to past bull runs. The analyst offered valuable perspectives on Ethereum’s potential future performance, suggesting that it could surpass Bitcoin during the upcoming bull market.
Cowen revealed that the third quarter of 2024 was rather uneventful, with August and September witnessing significant price drops and a consistently negative atmosphere across the entire crypto market. He forecasted that Ethereum might dip further from this stage before any substantial increase in its value becomes apparent.
The analyst observed that during each cycle, Ethereum typically exhibits a distinctive trend, with the ETH/BTC exchange rate generally reaching a high point, then dipping to a low, and subsequently forming a lower peak. In 2016, he explained, Ethereum breached its support level for the first time, peaked, and subsequently fell by more than 70%. Yet, the cryptocurrency managed to bounce back and resumed its upward climb in the year following the halving event.
Cowen underscored that the distinctive pattern of price fluctuations seen in every bull market is being mirrored by Ethereum at present. He noted that in past bull markets, Ethereum has often surpassed Bitcoin in terms of performance, expressing optimism that it might outperform Bitcoin once more during this cycle.
According to Cowen’s analysis, it appears that a shift in policy from the Federal Reserve is imminent, and he thinks this could push the ETH/BTC pair towards its lowest point by the end of this year. He forecasts that Ethereum’s price might dip below $2,000 during the last quarter of 2022, but then it may rebound to reach higher prices.
Is The Bull Market Dead?
During the podcast, Cowen was bombarded with a ton of questions, the most notable being, ” Is the bull market over?” The reason behind this question can be attributed to the current market conditions in the crypto space.
After surpassing its record high of more than $73,000 in March 2024, Bitcoin has seen a significant drop, dipping as low as $54,000 at certain points this year. This unexpected decline following its halving event in April has sparked discussions that the bull market may have concluded.
When discussing whether the current bull market is over or still to come, Cowen explained that we’ve already gone through the Quantitative Tightening (QT) phase of the bull market cycle and are now preparing for a future bull market fueled by Quantitative Easing (QE), which could start as early as 2025.
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2024-09-13 06:41