Legendary cryptocurrency analyst, ethereum/ethereum-3-months-december/” rel=”nofollow noopener” target=”_blank”>Benjamin Cowen has expressed confidence that ethereum/bullish-signals-emerge-for-ethereum-price-rises-above-downward-trendline-and-key-ma-levels/” rel=”nofollow noopener” target=”_blank”>ethereum (eth)the world's largest altcoin, could soon surpass bitcoin (btc). This optimistic projection comes at a time when both major cryptocurrencies are experiencing bitcoin-tumbles-following-higher-than-anticipated-us-core-inflation-data/” rel=”nofollow noopener” target=”_blank”>significant price fluctuationsHowever, Cowen expects ethereum’s current downtrend to conclude by the end of the year, setting the stage for a resurgence.
ethereum on track to overtake bitcoin
In a recent x.com/banklesshq/status/1833610256339112046?s=46″ rel=”nofollow” target=”_blank”>interview On the Bankless podcast, Cowen provided an in-depth analysis of the current cryptocurrency market conditions, with an emphasis on bitcoin and eth/ethereum-price-aims-2550/” rel=”nofollow noopener” target=”_blank”>ethereum Price Movements compared to previous bull cycles. The analyst offered insight into ethereum's outlook and believes the cryptocurrency will outperform bitcoin in the next bullish cycle.
Cowen revealed that the third quarter (Q3) of 2024 has been relatively dull, with August and September sees sharp price declines and the negative sentiment across the cryptocurrency market in general. He predicted that ethereum could fall even further from this point before experiencing any Remarkable increase in its price.
The analyst noted that ethereum typically follows a unique trend pattern in each cycle, where the eth/btc pair tends to make a high, then a low, and subsequently forms a lower high. He revealed that in 2016, ethereum broke support for the first time, peaked, and then experienced a drop of over 70%. However, the cryptocurrency eventually recovered and resumed its upward trajectory in the year following the halving.
Cowen highlighted that this unique price action has been repeated in every bull cycle, and ethereum is currently following a similar trajectory. He noted that historically, during previous bull cycles, bitcoin-news/ethereum-flips-bitcoin-in-this-key-metric/” rel=”nofollow noopener” target=”_blank”>ethereum has surpassed bitcoinexpressing confidence that the cryptocurrency could do it again in this cycle.
As a result, Cowen anticipates a turnaround in the bitcoin-news/bitcoin-price-could-face-challenges-with-0-50-fed-rate-cut-warns-10x-research/” rel=”nofollow noopener” target=”_blank”>Federal Reserve (FED) is imminent, which he believes would lead the eth/btc pair to a bitcoin-shakeout-ahead-analysts-predict-final-dip-before-bull-run-resumes/” rel=”nofollow noopener” target=”_blank”>Minimum price by the end of the year. The analyst has predicted that the ethereum/why-is-ethereum–eth-losing-ground-to-bitcoin-key-report-explains-eth-struggles/” rel=”nofollow noopener” target=”_blank”>ethereum Price It is likely to fall below $2000 in the fourth quarter (Q4) of this year, before experiencing a rally to new levels.
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.
Following bitcoin's all-time high from over $73,000 in March 2024, the cryptocurrency has been in a massive downtrend, bitcoin-price-crashed-below-54000/” rel=”nofollow noopener” target=”_blank”>Even falling below $54,000 at some point this year. This unexpected downtrend after its halving event on April 20 has led to Speculations about the end of the bull market.
Addressing 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 for a quantitative easing (QE) bull market by 2025.
Featured image created with Dall.E, chart from Tradingview.com
