Renowned crypto analyst Benjamin Cowen has garnered an extensive following of 783,000 YouTube subscribers who eagerly await his insightful market predictions.
In a recent strategy session, Cowen raised a red flag, alerting his dedicated audience to a potential collapse looming for Ethereum (ETH) in relation to Bitcoin (BTC), as the altcoin markets display worrisome signs of weakness.
With his wealth of knowledge and expertise, Cowen elaborated on the scenario, shedding light on the specifics of his forecast. He revealed that the ETH/BTC pair, currently valued at 0.066 BTC (equivalent to $1,650), could face a substantial decline of more than 45%. This revelation sent shockwaves through the crypto community, capturing the attention of both experienced traders and enthusiastic investors.
However, amidst the concern, Cowen offered a glimmer of hope. He suggested that although the outlook appears grim, there remains the possibility of a future recovery rally for the ETH/BTC pair. This anticipated resurgence, according to Cowen, would likely occur later in the year, following a deep retracement that the market needs to undergo.
Delving deeper into his analysis, Cowen outlined the patterns he observed in the Ethereum/Bitcoin valuation over time. He highlighted that, in the short term, the pair has been establishing a disconcerting sequence of lower highs. Yet, he emphasized the importance of considering the broader picture, noting that, over a more extended period, higher lows have also been evident since the year 2017. This juxtaposition led Cowen to propose that a more promising bullish trend might materialize around the 0.036 BTC level. With this in mind, speculation about a potential recovery could gain traction and spark renewed enthusiasm among traders.
Cowen, however, cautioned that any possibility of a rally hinges on the completion of a necessary corrective move. While acknowledging alternative viewpoints regarding the Ethereum/Bitcoin valuation as an oscillator that must retrace to the 0.019 BTC level or potentially ascend in the future, Cowen maintained that a short-term retracement is likely an essential step. This retracement will serve as a critical factor in determining the ultimate trajectory of the Ethereum/Bitcoin valuation, guiding traders and investors towards a clearer understanding of its path ahead.
As Cowen’s well-articulated analysis reverberates across the crypto landscape, market participants eagerly await further updates, anxiously observing how the ETH/BTC pair unfolds in the coming months. The insights and warnings from this esteemed analyst continue to shape the sentiments and strategies of those navigating the dynamic world of cryptocurrencies.
