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Introduction
Renowned crypto analyst Benjamin Cowen has conveyed his belief that Ethereum (ETH), the largest altcoin by market cap, may soon surpass Bitcoin (BTC) in performance. His optimistic forecast arrives amid notable price volatility for both leading cryptocurrencies, with Cowen suggesting that Ethereum's current downward trend will conclude by the year's end, paving the way for a rebound.
Ethereum On Track To Outperform Bitcoin
In a recent appearance on the Bankless podcast, Cowen offered a thorough examination of the current landscape of the crypto market, focusing on the price dynamics of Bitcoin and Ethereum in relation to past bull cycles. He shared his perspective on Ethereum's prospects, asserting that the cryptocurrency is likely to outperform Bitcoin in the forthcoming bull cycle.
Cowen pointed out that the Third Quarter (Q3) of 2024 has been relatively uneventful, with both August and September witnessing sharp price drops and prevailing negative sentiment across the broader crypto market. He anticipates that Ethereum could experience further declines before any significant recovery in price occurs.
The analyst highlighted Ethereum's distinct trend patterns observed during previous cycles, noting that the ETH/BTC trading pair typically peaks, hits a low, and then forms a lower high. He recalled that in 2016, Ethereum first broke support, reached a peak, and then faced a decline exceeding 70%. Nevertheless, the cryptocurrency eventually rebounded and resumed its upward path in the post-halving year.
Cowen emphasized that this unique price behavior has consistently recurred in each bull cycle, and Ethereum appears to be on a similar path currently. Historically, in prior bull cycles, Ethereum has outshone Bitcoin, and Cowen is optimistic that this trend may repeat itself in the current cycle.
Consequently, Cowen predicts an impending pivot from the Federal Reserve (FED), which he believes will lead the ETH/BTC pair to reach a price bottom by the close of the year. The analyst foresees that Ethereum's price may drop below $2,000 in the Fourth Quarter (Q4) of this year before bouncing back to new highs.
Is The Bull Market Dead?
During the podcast, Cowen faced numerous inquiries, the most pressing being, “Is the bull market over?” This question stems from the current conditions within the crypto market. Following Bitcoin’s all-time high exceeding $73,000 in March 2024, the cryptocurrency has been on a substantial downward trajectory, even dipping below $54,000 at certain points this year. This unforeseen bearish trend, following its halving event on April 20, has sparked speculation regarding the future of the bull market.
Conclusion and Final Thoughts
As Benjamin Cowen articulates his confident outlook for Ethereum’s potential to outperform Bitcoin, the cryptocurrency community watches closely for signs of market recovery. His analysis sheds light on the cyclical nature of crypto prices and the factors influencing their movements. While the current market may appear challenging, Cowen's insights provide a glimmer of hope for Ethereum's resurgence, making it a focal point for investors and enthusiasts alike.
