A crypto analyst has recently made a prediction regarding when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin. This prediction is based on various market conditions and observations made by the analyst.
The analyst, Benjamin Cowen, shared insights on the market conditions, noting similarities between the current market dynamics and those seen in 2019. He specifically mentioned the bounce seen in ETH/BTC ratio that mirrored the behavior in 2019, prior to the Federal Reserve (FED) cutting down rates.
Cowen predicts that the ETH/BTC ratio will reach its lowest point in the price cycle when the FED makes a significant change in its monetary policy, often referred to as a “pivot”. He expects this pivot to happen in the coming months, indicating that Ethereum would bottom against Bitcoin in the near future.
The analyst’s analysis is based on the belief that macroeconomic conditions and the FED’s monetary policies can have a significant impact on the cryptocurrency market. He suggests that unless inflationary pressures are addressed, the ETH/BTC ratio may continue to decline.
Cowen refers to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. He predicts that higher-risk assets tend to depreciate relative to lower-risk assets, based on capital migration dynamics. He also highlights the uncertainty surrounding market movements post-halving event for ETH/BTC.
While Cowen has had past success in predicting ETH/BTC price movements, he acknowledges that his predictions are speculative in nature. He emphasizes that being right in the past does not guarantee continued accuracy in future predictions.
The prediction made by the crypto analyst regarding Ethereum’s bottom against Bitcoin is based on various market conditions, including the FED’s monetary policy and macroeconomic factors. While the prediction is speculative, it provides insights into the potential behavior of ETH/BTC ratio in the coming months.
Overall, the article provides valuable information on the prediction made by Benjamin Cowen and highlights the factors influencing Ethereum’s performance against Bitcoin. It is essential for investors to conduct their own research and consider the risks involved before making any investment decisions in the cryptocurrency market.
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