Legendary crypto analyst, Benjamin Cowen, has expressed confidence that Ethereum, the world's largest altcoin, could outperform Bitcoin (BTC) soon. This optimistic prediction comes as both leading cryptocurrencies are experiencing significant price fluctuations, however, Cowen predicts that Ethereum's current bearish trend will end by the end of the year, setting the stage for a strong resurgence.
Ethereum Is On Track To Surpass Bitcoin
In a recent interview on the Bankless podcast, Cowen provided a thorough analysis of the current state of the crypto market, highlighting the price movements of Bitcoin and Ethereum compared to previous bull cycles. The analyst believes that Ethereum will surpass Bitcoin in the next bull cycle.
Cowen revealed that Q3 of 2024 was relatively dull, with August and September seeing sharp price declines and negative sentiment across the broader crypto market. He predicted that Ethereum could fall further from here before experiencing a significant rally.
The analyst noted that Ethereum typically follows a unique trending pattern in each cycle, where the ETH/BTC trading pair typically peaks, then bottoms, and then forms a lower high. He revealed that in 2016, Ethereum broke its first support level, peaked, and then experienced a drop of over 70%. However, the coin eventually recovered and continued its upward trend in the post-halving year.
Cowen emphasized that this unique price action has been repeated in every bull cycle, and Ethereum is currently following a similar trajectory. He pointed out that history has shown that in previous bull cycles, Ethereum has outperformed Bitcoin, and expressed confidence that the coin can do so again in the current cycle.
As such, Cowen predicts that a turning point from the Federal Reserve (FED) is approaching, which he believes will push the ETH/BTC pair to a price bottom by the end of the year. The analyst has predicted that the price of Ethereum could fall below $2,000 in the fourth quarter (Q4) of this year, before experiencing a rally to reach new highs.
Is the Bull Market Dead?
Throughout the podcast, Cowen was faced with a myriad of questions, most notably, “Is the bull market over?” The reason for this question stems from current market conditions in the crypto space.
After Bitcoin hit an all-time high of over $73,000 in March 2024, the cryptocurrency experienced a sharp decline, even falling below $54,000 at one point this year. This sudden decline following the halving event on April 20 led to speculation that the bull market was over.
When asked whether the bull market is over, Cowen clarified that the market has gone through the Quantitative Tightening (QT) phase of the bull market and is positioning itself for a Quantitative Easing (QE) bull market in 2025.
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