Legendary crypto analyst, Benjamin Cowen expressed his confidence that Ethereum (ETH)the world’s largest altcoin, could soon surpass Bitcoin (BTC). The optimistic projection comes as both major cryptocurrencies are experiencing significant price fluctuationsHowever, Cowen predicts that Ethereum’s current bearish trend will end by the end of the year, paving the way for a resurgence.
Ethereum is about to surpass Bitcoin
In a recent interview In the Bankless podcast, Cowen provided an in-depth analysis of current cryptocurrency market conditions, with a focus on Bitcoin and Ethereum Price Evolution compared to previous bull cycles. The analyst provided an overview of Ethereum’s outlook, believing that the cryptocurrency surpass Bitcoin in the next bullish cycle.
Cowen revealed that the third quarter (Q3) of 2024 was relatively dull, with August and Sharp drop in prices in September and negative sentiment across the entire cryptocurrency market. He predicted that Ethereum could fall even lower from this point before seeing any significant increase in its price.
The analyst noted that Ethereum typically follows a unique trend pattern each cycle, where the ETH/BTC trading pair tends to peak, then trough, and then form a lower high. He revealed that in 2016, Ethereum first broke support, peaked, and then experienced a decline of over 70%. However, the cryptocurrency eventually recovered and resumed its upward trajectory in the year following the halving.
Cowen pointed out that this unique price action has repeated itself in every bull cycle and that Ethereum is currently following a similar trajectory. He pointed out that historically, in previous bull cycles, Ethereum has surpassed Bitcoinexpressing confidence that the cryptocurrency could do so again in this cycle.
As a result, Cowen anticipates a pivot in the Federal Reserve (FED) is imminent, which he believes would lead the ETH/BTC pair to a low price by the end of the year. The analyst predicted that the ethereum price could likely fall below $2,000 in the fourth quarter (Q4) of this year, before rebounding to new levels.
Is the Bull Market Dead?
During the podcast, Cowen was bombarded with 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.
Following Bitcoin hits all-time high from over $73,000 in March 2024, the cryptocurrency has been on a massive downtrend, even falling below $54,000 at some point this year. This unexpected downtrend after its halving event on April 20 led to Speculations on the end of the bull run.
On the question of whether the bull market is over or has yet to begin, Cowen clarified that the market has already experienced the quantitative tightening (QT) phase of the bull market and is positioning itself for a quantitative easing (QE) bull market by 2025.
Featured image created with Dall.E, chart by Tradingview.com
