3 - 4 minute read
There has been an ongoing debate within the cryptocurrency space about Ethereum’s future market cap compared to Bitcoin’s, a topic that has gained increased traction with the recent surge in demand for cryptocurrencies. Benjamin Cowen, a well-known crypto analyst with a large following, has weighed in on the topic and provided an update on his outlook of the ETH/BTC pair.
Cowen notes that while he is not bearish on ETH in the long run, he envisions the top altcoin’s price going down in the near future. He points out that since Ethereum/Bitcoin peaked, it has been putting in lower highs. Furthermore, it has been one lower high after another when compared to January 2018 and June 2017. Despite this negative trend, there is hope for ETH, as Cowen points out that the asset has also been putting in higher lows. In essence, the question remains whether Ethereum is able to break out of its recent lower high trend and turn its uptrend in a positive direction.
Higher Lows and Lower Highs – Bull and Bear Cases
Cowen says that while he does not believe ETH will flip BTC, there is still evidence to support both a bull case and a bear case. He notes that there are higher lows and lower highs, and these are the two key factors driving the debate about the future of both assets. However, he remains skeptical that the uptrend will last much longer, indicating that he remains short to medium-term bearish on Ethereum. Despite this bearish stance, he does acknowledge that Ethereum is a valid asset, and that there are solid arguments for both the bull and the bear cases.
The Bottom Line
Based on the current trend of Ethereum, Cowen recommends that traders remain cautious and not jump into any hasty investment decisions. He advises traders to look at the bigger picture and not focus solely on short-term factors. He reiterates that while he remains bearish on Ethereum’s short to medium-term future, he is not bearish on the asset in the long run.
The ongoing debate about the future of Ethereum and its potential to flip Bitcoin’s market cap continues to divide the crypto community. Despite the bull and bear cases for Ethereum, Cowen says that the asset remains valid and that there are solid arguments for both positions. Nonetheless, he remains bearish on its short to medium-term future and advises traders to err on the side of caution. The crypto market is complex and can be unpredictable, and Cowen’s advice on focusing on the bigger picture is key for investors looking to make informed investment decisions.