A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will backside in opposition to Bitcoin, nevertheless, underneath sure circumstances.
Analyst Predicts ETH/BTC Bottom Timeline
In a latest X (previously Twitter) publish, crypto analyst and founding father of ITC Crypto, Benjamin Cowen, shared his forecast concerning the Ethereum to Bitcoin value ratio, projecting the timeline for when ETH/BTC would hit its lowest worth within the present market cycle.
Sharing insights in the marketplace circumstances, Cowen famous hanging similarities between the current market’s dynamics and the one seen in 2019. He disclosed that ETH/BTC’s latest bounce mirrored the market’s conduct in 2019, two months earlier than the Federal Reserve (FED) cut down rates.
Cowen predicts that the ETH/BTC ratio will attain the lowest point in its price cycle when the FED makes a major change in its financial coverage, also known as a “pivot.” The crypto skilled expects this pivot to happen in just a few months, finally suggesting that Ethereum would backside in opposition to Bitcoin within the coming months.
His evaluation can also be based mostly on the belief that macroeconomic circumstances and the FED’s financial insurance policies can significantly impact the cryptocurrency market. Sharing a value chart of Ethereum in opposition to Bitcoin in one other publish, Cowen projected that the ETH/BTC ratio will head in direction of a variety of 0.03 and 0.04 by summer time.
Commenting on his prediction of ETH/BTC’s backside, a crypto neighborhood member expressed skepticism in regards to the FED’s likelihood of cutting down rates whereas inflation was nonetheless excessive. Cowen responded that the absence of a fee minimize additional bolstered his beliefs that the ETH/BTC ratio has not but reached its lowest level. He means that except inflationary pressures are addressed, the ETH/BTC ratio could continue on its downward trend.
Crypto Expert Calls Ethereum A Higher Risk Asset
In one other publish, Cowen referred to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. The crypto analyst’s forecast on Ethereum in opposition to Bitcoin is underpinned by his interpretation of capital migration dynamics, suggesting that higher-risk belongings sometimes depreciate relative to lower-risk assets.
He highlighted the uncertainty surrounding the long run market actions of ETH/BTC following the halving occasion. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market help band, significantly within the context of weekly closing costs, estimated to vary between $0.053 to $0.054.
While acknowledging his previous successes in predicting ETH/BTC value actions, Cowen highlighted that his predictions stay speculative, stating, “Just because I have been right so far about ETH/BTC does not mean I will continue being right.”
ETH bulls fail to carry $3,000 | Source: ETHUSDT on Tradingview.com
Featured picture from Finbold, chart from Tradingview.com
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