Legendary crypto analyst, Benjamin Cows has expressed confidence that Ethereum (ETH)The world’s largest altcoin could soon surpass Bitcoin (BTC). The bullish prediction comes as both leading cryptocurrencies significant price fluctuationsHowever, Cowen predicts that Ethereum’s current downtrend will end by the end of the year, paving the way for a rebound.
Ethereum on track to surpass Bitcoin
In a recent interview In the Bankless podcast, Cowen provided an in-depth analysis of the current conditions in the crypto market, focusing on Bitcoin and Ethereum price movements compared to previous bull cycles. The analyst offered insight into Ethereum’s prospects, believing the cryptocurrency outperform Bitcoin in the next boom.
Cowen revealed that the third quarter (Q3) of 2024 has been relatively dull, with August and September with sharp price drops and negative sentiment in the broader crypto market. He predicted that Ethereum could fall further from this point before any remarkable price increase.
The analyst noted that Ethereum typically follows a unique trend pattern in each cycle, with the ETH/BTC trading pair tending to make a high, then a low, and then a lower high. He revealed that Ethereum first broke support in 2016, peaked, and then experienced a drop of over 70%. However, the cryptocurrency eventually recovered and resumed its upward trajectory in the year following the halving.
Cowen emphasized that this unique price action has been repeated in every bull cycle and that Ethereum is currently on a similar trajectory. He pointed out that historically, during previous bull cycles, Ethereum has surpassed Bitcoinexpressing confidence that the cryptocurrency could do so again in this cycle.
As a result, Cowen expects a turnaround in the Federal Reserve (FED) is imminent, which he believes will take the ETH/BTC pair to a price bottom by the end of the year. The analyst has predicted that the price of Ethereum is likely to drop below $2,000 in the fourth quarter (Q4) of this year before rising again to new levels.
Is the boom dead?
During the podcast, Cowen was bombarded with a ton of questions, the most notable of which was, “Is the bull market over?” The reason behind this question can be attributed to the current market conditions in the crypto space.
Next Bitcoin’s All-Time High from over $73,000 in March 2024, the cryptocurrency has entered a massive downtrend, even under $54,000 at some point this year. This unexpected bearish trend after the halving on April 20th has led to speculation that the bull run is over.
When asked whether the bull market is over or yet to begin, Cowen clarified that the market has already gone through the quantitative tightening (QT) phase of the bull market and is preparing for a quantitative easing (QE) bull market in 2025.
Main image created with Dall.E, chart from Tradingview.com