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Crypto expert Benjamin Cowen, closely followed by cryptocurrency investors, believes that if the trigger he is waiting for is activated, the altcoin king Ethereum (ETH) will collapse against Bitcoin (BTC). Here is the analyst’s prediction of a significant drop for ETH.
Analyst’s Alarming Prediction for ETH/BTC Pair
Speaking to Crypto Banter host Ran Neuner, cryptocurrency analyst Cowen expects the ETH/BTC pair to drop by over 50% from its current level of 0.063 BTC (1,828 dollars).
Cowen points out that the ETH/BTC pair has likely formed a double top formation on the monthly chart, indicating a potential downtrend. He suggests that this formation could lead investors to convert their ETH into BTC, stating:
According to me, this formation indicates that the ETH/BTC pair is in a major distribution phase. It is not different from the sales following the last major distribution phase and the subsequent transition. I believe we are currently at exactly such a point. The probability of the ETH/BTC pair collapsing is really high.
Referring to the past trend in the pair, the analyst emphasizes that the ETH/BTC pair usually declines from June to December. He predicts that it will drop by over 50% from its current value to 0.03 BTC (871 dollars), saying, “Therefore, I think that the ETH/BTC pair dropping to the level of 0.03 BTC to 0.04 BTC and reaching that level would indicate the end of the altcoin showdown.”
The Trigger for the Drop Will Be the Seasonal Correction in the S&P 500
Cowen states that the trigger for the expected over 50% drop in the ETH/BTC pair will be the seasonal correction in the US stock index S&P 500, saying:
Remember how the ETH/BTC pair dropped to 0.0022 BTC at the end of 2017. The second drop to this level in 2018 marked the end of the altcoin showdown. I think we experienced the first drop, but we probably need to experience a second drop to that level (0.049 BTC), and we can even roll down from there and then enter the process of finding the bottom. I still believe that such a drop is highly likely, and I think the trigger for this will be the potential seasonal correction in the S&P 500 stock index.
