Intently adopted crypto analyst Benjamin Cowen is weighing in on Ethereum (ETH) and its possibilities 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 happening 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 feel it’s an inconvenient reality for lots of people to just 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 massive query mark round Ethereum.”
Cowen goes on to say that whereas he doesn’t consider ETH will flip BTC, it’s nonetheless a risk and there may be proof to assist each a bull case and a bear case.
“My view at this level is that it possible is not going to flip Bitcoin, however I feel 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 when you’re a bull, there’s proof to assist your thesis, when you’re a bear, there’s proof to assist your thesis.
Now I wish to be clear, I’m not long-term bearish on Ethereum, I do assume it’s a legitimate asset, however I’ll say that within the brief to medium time period, I nonetheless stay bearish on it. These short-term pumps that we get aren’t going to alter my view. A minimum of present a better excessive for a change, after which we will discuss.”
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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