crypto analyst, Ethereum He says that Bitcoin is rapidly approaching a major turning point that could see it collapse against Bitcoin.
Crypto strategist Benjamin Cowen says the ETH/BTC rate will reach a “decision time” early next week.
Ethereum Price Analysis
“I think the decision time for the ETH/Bitcoin ratio is very soon. I think it could be in the next few weeks, as early as next week. But in the next few weeks, I think we have to make a big decision in which direction the ETH/Bitcoin ratio will break.”
Cowen explains what he believes will happen to the ETH/BTC rate, which currently stands at 0.05498 BTC ($2,049).
“My basic view is that Ethereum to Bitcoin value will eventually move towards 0.03 BTC to 0.04 BTC. And from this level it is possible that it could potentially start to enter an uptrend against Bitcoin. Now again this is not a popular opinion. However, it cannot be denied that it has been on a downward trend at least since the merger…
I predicted that this one would probably fall, even though it is technically a descending wedge and most descending wedges actually break to the upside. However, I said it is more likely to break down to the downside. Because Bitcoin “That’s where its dominance is rising, and most of the altcoin market is basically systematically moving back to Bitcoin.”
Cowen goes on to explain why the next few weeks are crucial for the second-largest digital asset by market cap.
“So why are the next few weeks such a decision time for Ethereum versus Bitcoin? Many times this seasonality can occur in Ethereum. But it doesn’t tend to appear until mid-December or early January. Here it will generally gain some ground against Bitcoin. So we’re still a few weeks away from that.
So my bet is that we are in a window of weakness for the Ethereum/Bitcoin pair that could last for the next three to five weeks. A window of weakness does not mean it cannot climb to 0.057 BTC or 0.058 BTC or even higher. So if you look at the bull market support band, it went up to 0.059 BTC, almost 0.06 BTC. Therefore, it is definitely possible for it to climb to these levels.
I’m not trying to say it can’t come out, it’s definitely possible. “But I think the window of weakness will be in the next few weeks.”