Crypto analyst Benjamin Cowen predicts the likely trajectory of Ethereum (ETH) vs. Bitcoin (BTC) over the coming weeks and months.
Cowen told his 866,700 followers on social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “likely” to bottom by the end of this year.
According to Cowen, the ETH/BTC pair is unlikely to fall more than 20% from current levels.
“If you were bullish on ETH/BTC at 0.08 but turned bearish at 0.038, the market is completely fooling you.
Yes, ETH/BTC can go down, but the time to trade was two years ago, not today.
ETH/BTC may bottom out *this quarter* (Q4 2024) at 0.03-0.04 (current range).
If 0.038 is not a bottom, then 0.036 could be the next stop. The worst case scenario is 0.03, but I highly doubt it will go that low. ”
At the time of writing, ETH is trading at 0.03891 BTC ($2,617).
Turning to the Ethereum/USD pair, widely followed analysts say that ETH/USD could turn bullish next year.
“ETH/USD will likely be weak until the end of the year, similar to 2016 and 2019 (years when ETH/BTC crashed), but I think we will see strength again in 2025.”
Cowen further said that Bitcoin's dominance, the ratio of Bitcoin's market capitalization to other cryptoassets, is likely to plateau at around 60% by the end of the year and trend downward in 2025. .
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