Legendary crypto analyst, Benjamin Cowen has expressed confidence that Ethereum (ETH), the world's largest altcoin, could outperform Bitcoin (BTC) soon.
Cryptocurrency analyst Benjamin Cowen is optimistic that Ethereum (CRYPTO: ETH) will soon outperform Bitcoin (CRYPTO: BTC) in terms of price performance.
Both leading cryptocurrencies have experienced significant price declines in 2024, but Cowen anticipates that Ethereum's downtrend will conclude by the year's end, paving the way for a recovery.
In a recent interview on the Bankless podcast, Cowen provided an in-depth analysis of the current crypto market conditions, particularly focusing on the price movements of Bitcoin and Ethereum in comparison to previous bull cycles.
The analyst offered his perspective on Ethereum's outlook, expressing his belief that the cryptocurrency will experience a stronger bull cycle than Bitcoin.
Cowen stated that the third quarter of 2024 has been relatively dull, with August and September witnessing sharp price declines and a pessimistic sentiment prevailing throughout the broader crypto market.
He anticipates that Ethereum could drop even lower from this point before experiencing any substantial uptick in its price.
The analyst observed that each cycle tends to have a unique trend pattern for Ethereum, where the ETH/BTC trading pair usually reaches a top, followed by a low, and then forms a lower high.
He disclosed that in 2016, Ethereum broke support for the first time, peaked, and then experienced a decline of over 70%. However, the cryptocurrency eventually recovered and resumed its upward trajectory in the post-halving year.
Cowen highlighted that this unique price action has been repeating in each bull cycle, and Ethereum is currently following a similar trajectory.
Historically, during previous bull cycles, Ethereum has outperformed Bitcoin, and Cowen expressed confidence that the cryptocurrency could do so again in this cycle.
As a result, Cowen anticipates a pivot from the Federal Reserve (FED) is imminent, which he believes would drive the ETH/BTC pair to a price bottom by the end of the year.
The analyst has predicted that the price of Ethereum may likely drop below $2,000 in the fourth quarter of this year, before experiencing a bounce to new levels.
During the podcast, Cowen was bombarded with a ton of questions, the most notable being, ” Is the bull market over?” The reason behind this question can be attributed to the current market conditions in the crypto space.
Following Bitcoin's all-time high of over $73,000 in March 2024, the cryptocurrency has been on a massive downtrend, even falling below $54,000 at some point this year.
This unexpected bearish trend after its halving event on April 20 has led to speculations of the bull run being over.
In addressing whether the bull market has ended or is yet to begin, Cowen clarified that the market has already experienced the Quantitative Tightening (QT) phase of the bull market and is positioning itself for a Quantitative Easing (QE) bull market by 2025.
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