Top cryptocurrency analyst Benjamin Cowen shares his bearish sentiment on Ethereum (ETH) when compared to Bitcoin (BTC), cautioning his substantial Twitter following of 748,800 individuals about an imminent “collapse” in the Ethereum/Bitcoin pair.
Based on Cowen’s insightful ETH/BTC chart, Ethereum could potentially experience a staggering drop of nearly 40%, settling below 0.03800000 BTC. Cowen firmly believes that the ETH/BTC pair is presently in the process of collapsing.
As of now, Ethereum is trading at $1,850 or 0.06135859 BTC. Cowen, who has recently adopted the perspective that Bitcoin will outperform alternative cryptocurrencies, also expresses a bearish outlook on Polygon (MATIC), predicting a decline in its value against Bitcoin.
Regarding MATIC/BTC, Cowen observes a gradual decline towards the lower end of the range. If it falls below 0.00001700 BTC, he anticipates limited support in the near term. At the time of writing, Polygon is trading at 0.00002085 BTC or $0.63.
Cowen further examines Solana (SOL), the 11th-largest cryptocurrency by market capitalization, and notes its bearish tendencies when compared to Bitcoin. Over the past two years, SOL/BTC has exhibited a repetitive pattern, where investors get enticed during each pump, only for the price to eventually fade and establish new lows. Currently, Solana is trading at 0.00053313 BTC or $16.08.
In illustrating the significant downturn that altcoins can experience against Bitcoin, Cowen highlights the example of Cardano (ADA). Four years ago, ADA/BTC was at 0.00000900 BTC, a level similar to the present day. However, approximately 5-6 weeks later, it plummeted to 0.00000400 BTC, showcasing the brutal consequences of the altcoin reckoning.
Overall, Benjamin Cowen’s analysis paints a bearish picture for Ethereum, Polygon, Solana, and Cardano when paired against Bitcoin. These insights offer valuable guidance for cryptocurrency investors seeking to navigate the current market trends.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.