Legendary cryptocurrency analyst, Benjamin Cowen he expressed confidence that Ethereum (ETH)the world’s largest altcoin could soon surpass Bitcoin (BTC). This positive forecast comes as both leading cryptocurrencies experience significant price fluctuationsHowever, Cowen predicts that Ethereum’s current downtrend will end by the end of the year, setting the stage for a revival.
Ethereum on Track to Overtake Bitcoin
In the recent interview On the Bankless podcast, Cowen provided an in-depth analysis of the current cryptocurrency market conditions, with a focus on Bitcoin and Ethereum price fluctuations compared to previous bull cycles. The analyst provided insight into Ethereum’s prospects, believing the cryptocurrency will surpass Bitcoin in the next growth cycle.
Cowen revealed that the third quarter (Q3) of 2024 was relatively numb, with August and September brought keen price drops and negative sentiment across the broader cryptocurrency market. He predicted that Ethereum could fall even lower from this point before experiencing any noticeable price augment.
The analyst noted that Ethereum tends to follow a unique trend pattern in each cycle, where the ETH/BTC trading pair tends to make a high, then a low, and then form a lower high. He revealed that in 2016, Ethereum first broke support, made a high, and then experienced a decline of over 70%. However, the cryptocurrency eventually recovered and resumed its upward trajectory in the year after the halving.
Cowen emphasized that this unique price action has repeated itself in every bull cycle, and Ethereum is currently on a similar trajectory. He emphasized that historically, during previous bull cycles, Ethereum surpassed Bitcoinexpressing confidence that the cryptocurrency can do it again this cycle.
As a result, Cowen predicts a change in direction Federal Reserve (FED) is inevitable, which he believes will lead the ETH/BTC pair to lowest price by the end of the year. The analyst predicted that Ethereum price will likely fall below $2,000 in the fourth quarter of this year and then rebound to modern levels.
Is the bull market dead?
During the podcast, Cowen was bombarded with questions, the most significant of which was, “Is the bull market over?” The reason for this question may be the current market conditions in the cryptocurrency space.
Next Bitcoin at all-time high In March 2024, the cryptocurrency reached a price of over $73,000, which means that it is in a huge downtrend, even falling below $54,000 at some point this year. This unexpected downtrend after the April 20 halving event led to speculation that the bull market is over.
In response to a question about whether the bull market is over or just beginning, Cowen explained that the market has already passed the quantitative tightening (QT) phase of the bull market and is preparing for a quantitative easing (QE) bull market through 2025.
Featured image created with Dall.E, chart from Tradingview.com
