Bitrabo Editorial
Renowned crypto expert, Benjamin Cowen, believes that Ethereum (ETH), the top altcoin globally, may soon eclipse Bitcoin (BTC) in performance. This hopeful outlook arises amidst notable price shifts for both prominent cryptocurrencies, but Cowen is confident that Ethereum’s downward trend will end by the year’s close, paving the way for its recovery.
Ethereum Poised to Surpass Bitcoin
In a recent podcast interview with Bankless, Cowen analyzed the current crypto landscape, specifically looking at the price dynamics of Bitcoin and Ethereum relative to earlier bullish phases. He is optimistic that Ethereum will outshine Bitcoin when the market sees its next bullish trend.
Cowen noted that the third quarter of 2024 has seen a lackluster atmosphere, with significant price drops in August and September, fostering a negative attitude across the crypto market. He anticipates the possibility of Ethereum dropping further before any significant price recovery occurs.
The analyst pointed out that Ethereum typically exhibits a distinct trend pattern during cycles, with the ETH/BTC trading ratio reaching a peak before falling and forming a lower high. He referenced 2016, a year when Ethereum struggled, falling over 70% after breaking support before rebounding strongly in the subsequent halving year.
Cowen mentioned this pattern has recurred across all market cycles, with Ethereum currently mirroring this behavior. Historically, Ethereum has outperformed Bitcoin during these periods, and Cowen is confident that this trend may repeat itself.
He expects impending shifts from the Federal Reserve, which could stabilize the ETH/BTC ratio, leading to a potential price bottom by year-end. Cowen forecasts that Ethereum’s value could dip below $2,000 in the fourth quarter of this year, followed by a rebound to higher levels.
Is the Bull Market Over?
After Bitcoin reached an all-time high surpassing $73,000 in March 2024, it has since been on a decline, even dropping below $54,000 at times this year. This unexpected downturn post-halving on April 20 has triggered debate about whether the bull market has ended.
In response to the question of whether the bull market has concluded or merely paused, Cowen explained that the market has gone through a Quantitative Tightening (QT) phase and is gearing up for a Quantitative Easing (QE) bull market by 2025.