Intently adopted crypto analyst Benjamin Cowen is weighing in on Ethereum (ETH) and its probabilities of flipping Bitcoin’s (BTC) market cap sooner or later.
In a brand new technique session, Cowen tells his 785,000 YouTube subscribers that whereas he’s not bearish on ETH in the long term, he envisions the highest altcoin’s value taking place within the close to future.
In keeping with Cowen, the ETH/BTC pair has been each placing in larger lows in addition to decrease highs, leaving some buyers with questions.
“Since Ethereum/Bitcoin peaked, it’s simply been one decrease excessive after one other, and I believe it’s an inconvenient fact for lots of people to simply accept, particularly when you think about that it’s additionally a decrease excessive in comparison with January 2018 and a decrease excessive in comparison with June of 2017. It’s simply been one decrease excessive after one other…
It’s been placing in decrease highs, however guess what? It’s additionally been placing in larger lows and that’s form of the large query mark round Ethereum.”
Cowen goes on to say that whereas he doesn’t consider ETH will flip BTC, it’s nonetheless a chance and there’s proof to help each a bull case and a bear case.
“My view at this level is that it doubtless is not going to flip Bitcoin, however I believe that it nonetheless is a query mark as a result of we nonetheless are technically seeing larger lows [and] we’re seeing decrease highs. We’re additionally seeing larger lows, so in case you’re a bull, there’s proof to help your thesis, in case you’re a bear, there’s proof to help your thesis.
Now I need to be clear, I’m not long-term bearish on Ethereum, I do assume it’s a sound asset, however I’ll say that within the quick to medium time period, I nonetheless stay bearish on it. These short-term pumps that we get are usually not going to vary my view. At the very least present a better excessive for a change, after which we are able to speak.”
Bitcoin is buying and selling for $28,044 at time of writing, a fractional dip on the day, whereas ETH is valued at $1,842.
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