Bitcoin Vs. Ethereum: Legendary Analyst Says He’s ‘Pretty Confident’ ETH Will Outperform

Legendary
crypto
analyst,

Benjamin
Cowen

has
expressed
confidence
that

Ethereum
(ETH),
the
world’s
largest
altcoin,
could
outperform
Bitcoin
(BTC)
soon.
This
optimistic
projection
comes
as
both
leading
cryptocurrencies
experience

significant
price
fluctuations,
however,
Cowen
foresees
Ethereum’s
current
downtrend
concluding
by
year’s
end,
setting
the
stage
for
a
resurgence.  

Ethereum
On
Track
To
Outperform
Bitcoin

In
a
recent

interview

on
the
Bankless
podcast,
Cowen
provided
an
in-depth
analysis
of
current
crypto
market
conditions,
emphasizing
Bitcoin
and

Ethereum
price
movements

compared
to
previous
bull
cycles.
The
analyst
offered
insights
into
Ethereum’s
outlook,
believing
that
the
cryptocurrency
will

outperform
Bitcoin

in
the
next
bull
cycle. 

Cowen
disclosed
that
the
Third
Quarter
(Q3)
of
2024
has
been
relatively
boring,
with
August
and

September
seeing
sharp
price
declines

and
negative
sentiment
throughout
the
broader
crypto
market.
He
predicted
that
Ethereum
could
drop
even
lower
from
this
point
before
experiencing
any

notable
uptick
in
its
price. 

The
analyst
noted
that
Ethereum
usually
follows
a
unique
trend
pattern
in
each
cycle,
where
the
ETH/BTC
trading
pair
tends
to
reach
a
top,
then
a
low
and
subsequently
forms
a
lower
high.
He
disclosed
that
in
2016,
Ethereum
broke
support
for
the
first
time,
peaked
and
then
experienced
a
decline
of
over
70%.
However,
the
cryptocurrency
eventually
recovered
and
resumed
its
upward
trajectory
in
the
post-halving
year.

Cowen
highlighted
that
this
unique
price
action
has
been
repeated
in
every
bull
cycle,
and
Ethereum
is
currently
following
a
similar
trajectory.
He
pointed
out
that
historically,
during
previous
bull
cycles,

Ethereum
has
outperformed
Bitcoin,
expressing
confidence
that
the
cryptocurrency
could
do
so
again
in
this
cycle. 

As
a
result,
Cowen
anticipates
a
pivot
from
the

Federal
Reserve
(FED)

is
imminent,
which
he
believes
would
drive
the
ETH/BTC
pair
to
a

price
bottom

by
the
end
of
the
year.
The
analyst
has
predicted
that
the

price
of
Ethereum

may
likely
drop
below
$2,000
in
the
Fourth
Quarter
(Q4)
of
this
year,
before
experiencing
a
bounce
to
new
levels. 

Is
The
Bull
Market
Dead?

During
the
podcast,
Cowen
was
bombarded
with
a
ton
of
questions,
the
most
notable
being,
”
Is
the
bull
market
over?”
The
reason
behind
this
question
can
be
attributed
to
the
current
market
conditions
in
the
crypto
space. 

Following

Bitcoin’s
all-time
high

of
over
$73,000
in
March
2024,
the
cryptocurrency
has
been
on
a
massive
downtrend,

even
falling
below
$54,000

at
some
point
this
year.
This
unexpected
bearish
trend
after
its
halving
event
on
April
20
has
led
to

speculations
of
the
bull
run
being
over. 

In
addressing
whether
the
bull
market
has
ended
or
is
yet
to
begin,
Cowen
clarified
that
the
market
has
already
experienced
the
Quantitative
Tightening
(QT)
phase
of
the
bull
market
and
is
positioning
itself
for
a
Quantitative
Easing
(QE)
bull
market
by
2025.  

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image
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