Renowned crypto analyst, Benjamin Cowen, has shared his optimistic outlook on Ethereum (ETH), predicting that it could surpass Bitcoin (BTC) in the near future. Despite recent price fluctuations in both leading cryptocurrencies, Cowen believes that Ethereum’s current downtrend will come to an end by the end of the year, paving the way for a resurgence.
In a recent interview on the Bankless podcast, Cowen delved into a detailed analysis of the current crypto market conditions, focusing on the movements of Bitcoin and Ethereum in comparison to previous bull cycles. He expressed his belief that Ethereum will outperform Bitcoin in the next bull cycle, citing historical trends and unique price patterns that Ethereum has followed in past cycles.
Cowen noted that the third quarter of 2024 has been relatively uneventful, with sharp price declines in August and September causing negative sentiment across the broader crypto market. He suggested that Ethereum could see further price drops before experiencing a notable uptick.
Drawing parallels to previous bull cycles, Cowen highlighted Ethereum’s history of outperforming Bitcoin and expressed confidence that it could do so again in the current cycle. He pointed out that Ethereum typically follows a pattern where the ETH/BTC trading pair reaches a peak, then a low, and forms a lower high before resuming an upward trajectory.
Anticipating a pivot from the Federal Reserve (FED), Cowen predicted that the ETH/BTC pair could reach a price bottom by the end of the year, potentially dropping below $2,000 in the fourth quarter before bouncing back to new levels. Despite the current market conditions, Cowen remains optimistic about Ethereum’s future performance.
Addressing concerns about the end of the bull market, Cowen clarified that the market has already gone through the Quantitative Tightening (QT) phase and is now gearing up for a Quantitative Easing (QE) bull market by 2025. While Bitcoin has experienced a significant downtrend since its all-time high in March 2024, Cowen believes that the market is preparing for a new phase of growth.
Overall, Cowen’s analysis points towards a positive outlook for Ethereum, suggesting that it has the potential to outshine Bitcoin in the coming months. Despite current challenges in the market, Cowen remains confident in Ethereum’s ability to bounce back and continue its upward trajectory in the future.
