One Catalyst Might Set off Ethereum To Plunge 50%+ Towards Bitcoin, Says High Crypto Analyst Benjamin Cowen

Broadly adopted crypto analyst Benjamin Cowen says that one occasion might trigger Ethereum (ETH) to plummet relative to Bitcoin (BTC).

In a brand new interview with Crypto Banter host Ran Neuner, Cowen says that the ETH/BTC pair might drop by greater than 50% from its present worth of 0.063 BTC, price $1,828.

Cowen believes that the ETH/BTC pair is probably going printing a bearish double-top sample on the month-to-month chart, suggesting that holders are utilizing any rally to commerce their ETH into BTC.

“To me, this simply appears to be like like a large distribution section on the Ether/Bitcoin pair, not not like what we noticed final cycle the place you get only a huge distribution section and also you get your preliminary pump up, you promote it off, and then you definitely go into your distribution section. And I feel that that is the place we’re proper now, the place there’s an excellent likelihood right here that the Ether/Bitcoin pair goes to interrupt to the draw back.”

Supply: Benjamin Cowen/Twitter

He highlights that traditionally, the ETH/BTC pair usually declines throughout the months of June by means of December, and he predicts a decline to as little as 0.03 BTC ($871), an over 52% lower from its present worth.

“So what I might assume goes to occur is that Ether/Bitcoin might plummet to round that 0.03 (BTC) to 0.04 (BTC) stage and as soon as the Ethereum/Bitcoin valuation will get there, I feel that it might mark the tip of the altcoin reckoning.”

In accordance with Cowen, the catalyst for the 52% ETH/BTC decline might be a inventory market retracement.

“Bear in mind in late 2017, the Ether/Bitcoin pair dropped proper right here [at .022 BTC]. However then it was the second drop to that stage [in 2018] that marked the tip of loads of the altcoin reckoning.

And I feel that we had that preliminary drop, however we nonetheless in all probability have to have a secondary drop to that stage (0.049 BTC), and even from there it might drop, after which possibly roll over, after which attempt to discover a backside.

However I nonetheless assume that that’s the almost definitely end result right here. And I feel the rationale that it might occur is due to a possible seasonal correction within the S&P 500.”


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