Benzinga – Noted crypto analyst Benjamin Cowen has shared insights on the Ethereum/Bitcoin (ETH/BTC) pair, suggesting a potential bearish trend in the near term.
Cowen’s observations come at a time when the crypto community is keenly observing market movements, especially as Bitcoin (CRYPTO: BTC) halving approaches.
Such insights and predictions are expected to be a focal point of discussion at the upcoming Benzinga’s Future of Digital Assets conference on Nov. 14, where industry experts will converge to discuss the evolving crypto landscape.
“I myself will flip bullish on the Ether/Bitcoin pair. However, at this current phase of the cycle, I believe the pair is more inclined to continue its descent rather than ascend in the short term,” Cowen stated.
Cowen emphasized his perspective is derived from the current market patterns and conditions.
While examining the Ethereum (CRYPTO: ETH) and Bitcoin chart, Cowen remarked, “The chart indicates a stronger probability of a break to the downside.”
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Cowen further speculated the altcoin market might witness a pronounced drop, marking what he termed as the “end of the altcoin reckoning.”
Highlighting a specific data point, Cowen said, “For context, a 35% decline from the 2022 low would position the ETH/BTC pair at around 0.03200000 BTC.
“There’s a plausible scenario where the Ether/Bitcoin pair could experience a significant sell-off by year’s end, surpassing the previous low of 0.04908000 BTC. Many might anticipate that this wick would represent the low, but we could potentially see even lower values.”
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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