In a video update, Cowen tells his 813,000 YouTube subscribers that based on historical precedent, the bottom for the Ethereum/Bitcoin pair is close at hand.
Cryptocurrency analyst Benjamin Cowen is predicting that Ethereum may be carving out cycle lows against Bitcoin (ETH/BTC).
In a new video update, Cowen tells his 813,000 YouTube subscribers that based on past trends, the bottom for the Ethereum/Bitcoin pair is almost here.
“One of the things I have mentioned before is the 2016 and 2019 fractals. If you look at either of these fractals, it would suggest that the bottom for Ethereum/Bitcoin is going to happen relatively soon.”
Cowen says that if we zoom in on the price action of ETH/BTC, the pair’s current market structure seems to be echoing its 2016 and 2019 price action. According to the analyst, in this cycle, ETH/BTC printed a lower high and consolidated above the range lows for a while before breaking down – very similar to what happened during the 2016 and 2019 cycles.
Cowen adds that the timing for the ETH/BTC bottom also appears to be tracking the 2016 and 2019 cycles closely.
“It took about seven weeks for Ethereum/Bitcoin to bottom – that was in 2016.
Now if you look at 2019, after it broke the range low, it took about eight weeks to bottom. So you have seven weeks and then you have eight weeks. So how long has it been?
It looks like it broke below its [range low] the week of July 22nd. So it’s already been eight weeks, it’s been eight weeks already.
In terms of price, I wouldn’t expect it to go a lot lower. It could go a little lower but I wouldn’t expect it to go a lot lower in terms of time.
Now when does it actually bottom? It could be this week, it could be next week. I don’t really know. But my guess is that it’s going to happen sometime soon.”
At the time of writing, ETH/BTC is trading at 0.0405 BTC or $2,544.
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