🚀 Ethereum is about to outperform Bitcoin? Analysts say so~
Legendary analyst Benjamin Cowen recently said in an interview with the Bankless podcast that he is very confident about the future of Ethereum (ETH) and believes that it will soon surpass Bitcoin (BTC).
Although the prices of both Bitcoin and Ethereum have experienced considerable volatility recently, Cowen believes that Ethereum's downward trend will end before the end of the year and lay the foundation for recovery.
Cowen analyzed the current market conditions and compared the price trends of Bitcoin and Ethereum. He pointed out that Ethereum follows a unique trend pattern in each cycle, usually the ETH/BTC trading pair will first reach a high point and then fall, forming a lower high.
He also revealed that since Ethereum first broke through the support level in 2016 and reached its peak, the retracement strength exceeded 70%. However, the cryptocurrency eventually resumed its upward trajectory quickly in the year after the third halving.
Cowen emphasized that this price trend will repeat in every bull market cycle, and Ethereum is currently following this trajectory.
Looking back at historical data, it can be found that Ethereum has generally outperformed Bitcoin in previous bull cycles, so he believes that Ethereum can surpass it again in this bull market.
He also expects that the price of the ETH/BTC pair will bottom out by the end of this year with the upcoming change in the Federal Reserve (FED) policy. Cowen predicts that the price of Ethereum may fall below $2,000 in the fourth quarter and then rebound to a new level.
In the podcast, Cowen was also asked the question "Is the bull market over?" He responded that the market has gone through the quantitative tightening (QT) phase of the bull market and is preparing for the quantitative easing (QE) bull market in 2025.
💬 Do you think Ethereum can outperform Bitcoin in this bull market? Share your views in the comment section!
