As a seasoned crypto investor with several years of experience in the market, I find Benjamin Cowen’s analysis on Ethereum (ETH) to Bitcoin (BTC) ratio intriguing. His comparison of the current market dynamics to those seen in 2019 is noteworthy, and his prediction of a potential ETH/BTC bottom when the Federal Reserve makes a significant monetary policy pivot holds weight, given the correlation between macroeconomic conditions and cryptocurrency prices.
An expert in cryptocurrency analysis has made a prediction about the possible bottom point for Ethereum, the second largest digital currency, relative to Bitcoin, yet this forecast is contingent upon specific circumstances.
Analyst Predicts ETH/BTC Bottom Timeline
In a recent update on his X platform, previously known as Twitter, Benny Bohmian, crypto analyst and head of ITC Crypto, expressed his predictions about the Ethereum to Bitcoin price relationship, estimating when the ETH/BTC ratio would reach its lowest point in the current market trend.
Cowen pointed out intriguing parallels between the current market trends and those observed in 2019. He revealed that the recent surge in ETH‘s value relative to Bitcoin echoed the market’s pattern from two years ago, just prior to the Federal Reserve (FED) reducing interest rates.
As a crypto analyst, I believe Cowen’s prediction implies that the ETH/BTC ratio will hit its lowest point during this price cycle when the Federal Reserve announces a major shift in its monetary policy, which is commonly referred to as a “pivot.” According to Cowen’s expectation, this pivot is expected to take place within the next few months. In simpler terms, I anticipate that Ethereum will experience its lowest point relative to Bitcoin during this market cycle following the Fed’s policy change.
As a crypto investor, I closely consider how macroeconomic situations and the Federal Reserve’s monetary policies could influence the cryptocurrency market in my analysis. In one of his recent posts, Cowen displayed a price chart comparing Ethereum to Bitcoin. Based on this data, Cowen anticipates that the ETH/BTC ratio may reach the range between 0.03 and 0.04 by summer.
A crypto community member questioned the validity of Cowen’s prediction for the ETH/BTC rate bottom, as they believed the Federal Reserve was unlikely to reduce rates with ongoing high inflation. In response, Cowen maintained his stance that the ETH/BTC ratio had not yet hit its lowest point due to this absence of a rate cut. He cautioned that unless inflationary pressures were effectively addressed, the ETH/BTC ratio could persist in its descent.
Crypto Expert Calls Ethereum A Higher Risk Asset
As a researcher studying the cryptocurrency market, I’ve observed that Cowen classified Ethereum as a riskier asset compared to Bitcoin in one of his posts. This perspective is rooted in my understanding of capital migration dynamics, which often lead higher-risk assets like Ethereum to depreciate relatively to lower-risk assets such as Bitcoin.
He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving event. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market support band, particularly in the context of weekly closing prices, estimated to range between $0.053 to $0.054.
Recognizing his previous accurate calls on ETH/BTC price trends, Cowen cautioned that his forecasts carry an element of uncertainty, admitting, “My past successes in predicting ETH/BTC prices do not guarantee continued accuracy.”
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-05-01 00:05