Cryptocurrency Comparison: Analyst Expresses Confidence in Ethereum Outperforming Bitcoin
Renowned cryptocurrency expert, Benjamin Cowen, has shared his optimistic outlook on Ethereum (ETH), suggesting that the leading altcoin may surpass Bitcoin (BTC) in the near future. Despite both cryptocurrencies experiencing notable price fluctuations, Cowen believes that Ethereum’s current downward trend will likely come to an end by the conclusion of this year, paving the way for a potential resurgence.
During a recent discussion on the Bankless podcast, Cowen delved into a detailed analysis of the current crypto market landscape, focusing on the price movements of Bitcoin and Ethereum in comparison to previous bullish cycles. He provided insights into Ethereum’s future performance, indicating his belief that the cryptocurrency could outshine Bitcoin in the upcoming bullish cycle.
Cowen highlighted the relatively uneventful nature of the Third Quarter (Q3) of 2024, noting sharp price declines and a prevailing negative sentiment in the broader crypto market during August and September. He suggested that Ethereum might experience further price drops before witnessing a significant upward movement.
The analyst pointed out a distinctive trend pattern that Ethereum typically follows in each cycle, involving the ETH/BTC trading pair reaching a peak, followed by a low and eventually forming a lower high. Drawing parallels to previous cycles, Cowen expressed confidence in Ethereum’s potential to outperform Bitcoin, citing historical data to support his stance.
Anticipating a shift from the Federal Reserve (FED) in the near future, Cowen predicted that this change could lead to a price bottom for the ETH/BTC pair by the end of the year. He projected that Ethereum’s price could dip below $2,000 in the Fourth Quarter (Q4) of this year before rebounding to new levels.
Addressing concerns about the current state of the bull market, particularly in light of Bitcoin’s significant price drop following its all-time high in March 2024, Cowen clarified that the market has likely gone through the Quantitative Tightening (QT) phase and is now preparing for a Quantitative Easing (QE) bull market by 2025.
In conclusion, Cowen’s analysis suggests a positive outlook for Ethereum’s future performance relative to Bitcoin, emphasizing the potential for Ethereum to outperform the leading cryptocurrency in the upcoming cycle. His insights provide valuable perspectives on the evolving dynamics of the crypto market and the anticipated trajectory of key digital assets.
