Cryptocurrency experts say ETH has yet to bottom compared to Bitcoin.
A cryptocurrency analyst has predicted when Ethereum, the world’s second largest cryptocurrency, will bottom compared to Bitcoin under certain conditions.
Analyst Predicts ETH/BTC Bottom Timeline
In a recent X (formerly Twitter) post, Benjamin Cowen, cryptocurrency analyst and founder of ITC Crypto, said: shared His prediction for the Ethereum to Bitcoin price ratio projects a timeline for when ETH/BTC will reach its lowest point in the current market cycle.
Sharing insights into the market situation, Cowen pointed out striking similarities between the current market dynamics and those seen in 2019. He said ETH/BTC’s recent rebound mirrored market behavior two months earlier in 2019. The Federal Reserve (FED) lowered interest rates.
Cowen reports that the ETH/BTC ratio is Low point of the price cycle When the FED makes a significant change in monetary policy, it is often referred to as a “pivot.” Cryptocurrency experts expect this transition to occur within a few months and ultimately suggest that Ethereum will bottom out against Bitcoin in the coming months.
His analysis is also based on the assumption that macroeconomic conditions and the Fed’s monetary policy can have an impact. Great impact on the cryptocurrency market. Cowen shares Ethereum price chart against Bitcoin in another post expectation The ETH/BTC ratio will likely be heading towards the 0.03-0.04 range by summer.
One cryptocurrency community member expressed skepticism about his prediction of an ETH/BTC bottom. Possibility of FED interest rate cut When inflation was still high. Cowen responded that the lack of a rate cut further strengthens his belief that the ETH/BTC ratio has not yet reached its lowest point. He added that unless inflationary pressures are addressed, the ETH/BTC ratio will likely rise further. The downward trend continues.
Cryptocurrency experts call Ethereum a higher risk asset.
In another post, Cowen noted: Ethereum Designates Bitcoin as a high-risk asset and Bitcoin as a low-risk asset. The cryptocurrency analyst’s predictions about Ethereum against Bitcoin are supported by his interpretation of capital movement dynamics. Depreciation compared to lower risk assets.
He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving. Cowen predicted that if ETH/BTC witnesses a “reassuring bounce” after the halving, it will be rejected by the bull market support zone, estimated at between $0.053 and $0.054, especially in the context of the weekly close.
Cowen acknowledged his past success in predicting ETH/BTC price movements, but emphasized that his predictions are still speculative, saying, “Just because I’ve been right about ETH/BTC so far doesn’t mean I’ll continue to be right.” I did.
ETH bulls fail to hold $3,000 | Source: ETHUSDT on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
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