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Cryptocurrency News Articles
Ethereum (ETH) vs. Bitcoin (BTC) Pair Nears Cycle Bottom, Crypto Analyst Benjamin Cowen Says
Sep 23, 2024 at 04:00 am
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against the crypto king and it appears as if ETH is poised to stop bleeding against BTC.
output: A crypto analyst with a large following on YouTube says that the ETH/BTC pair is on the verge of printing a cycle bottom.
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against BTC and it appears as if ETH is poised to stop bleeding against the crypto king.
However, Cowen says that Bitcoin’s dominance level – which measures BTC’s market cap relative to the market cap of all other crypto assets – is still on the rise, indicating that ETH/BTC can still experience a leg down.
“I still think that Bitcoin’s dominance is in an uptrend… I think it will go probably to about 60%, so I don’t think that Bitcoin’s dominance has topped, which is why ETH/BTC could go a little bit lower.”
According to TradingView, BTC's dominance level is currently at 57.64%.
But Cowen says it's possible for ETH to bottom out against BTC before the rest of the altcoin market prints cycle lows.
“There is a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against BTC…
They don’t all have to happen at the same time and I think that’s what a lot of people might forget is that some assets will bottom out against Bitcoin well before other assets bottom out against Bitcoin and all I know right now is that it looks like ETH/BTC is in its final stages of capitulation. I don’t know how low it’s going to get but I do believe this represents final capitulation for ETH/BTC and I do think it’s going to bottom out relatively soon.”
According to Cowen, the worst-case scenario for this outcome is a bounce to the upside followed by a lower low in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).output A crypto analyst with a large following on YouTube says that the ETH/BTC pair is on the verge of printing a cycle bottom.
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against BTC and it appears as if ETH is poised to stop bleeding against the crypto king.
However, Cowen says that Bitcoin’s dominance level – which measures BTC’s market cap relative to the market cap of all other crypto assets – is still on the rise, indicating that ETH/BTC can still experience a leg down.
“I still think that Bitcoin’s dominance is in an uptrend… I think it will go probably to about 60%, so I don’t think that Bitcoin’s dominance has topped, which is why ETH/BTC could go a little bit lower.”
According to TradingView, BTC's dominance level is currently at 57.64%.
But Cowen says it's possible for ETH to bottom out against BTC before the rest of the altcoin market prints cycle lows.
“There is a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against BTC…
They don’t all have to happen at the same time and I think that’s what a lot of people might forget is that some assets will bottom out against Bitcoin well before other assets bottom out against Bitcoin and all I know right now is that it looks like ETH/BTC is in its final stages of capitulation. I don’t know how low it’s going to get but I do believe this represents final capitulation for ETH/BTC and I do think it’s going to bottom out relatively soon.”
According to Cowen, the worst-case scenario for this outcome is a bounce to the upside followed by a lower low in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).
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