Carefully adopted crypto analyst Benjamin Cowen is weighing in on Ethereum (ETH) and its possibilities of flipping Bitcoin’s (BTC) market cap sooner or later.
In a brand new technique session, Cowen tells his 785,000 YouTube subscribers that whereas he’s not bearish on ETH in the long term, he envisions the highest altcoin’s value happening within the close to future.
In response to Cowen, the ETH/BTC pair has been each placing in greater lows in addition to decrease highs, leaving some traders with questions.
“Since Ethereum/Bitcoin peaked, it’s simply been one decrease excessive after one other, and I feel it’s an inconvenient fact for lots of people to simply accept, particularly when you think about that it’s additionally a decrease excessive in comparison with January 2018 and a decrease excessive in comparison with June of 2017. It’s simply been one decrease excessive after one other…
It’s been placing in decrease highs, however guess what? It’s additionally been placing in greater lows and that’s type of the large query mark round Ethereum.”
Cowen goes on to say that whereas he doesn’t consider ETH will flip BTC, it’s nonetheless a risk and there may be proof to assist each a bull case and a bear case.
“My view at this level is that it possible won’t flip Bitcoin, however I feel that it nonetheless is a query mark as a result of we nonetheless are technically seeing greater lows [and] we’re seeing decrease highs. We’re additionally seeing greater lows, so in the event you’re a bull, there’s proof to assist your thesis, in the event you’re a bear, there’s proof to assist your thesis.
Now I need to be clear, I’m not long-term bearish on Ethereum, I do suppose it’s a sound asset, however I’ll say that within the brief to medium time period, I nonetheless stay bearish on it. These short-term pumps that we get should not going to alter my view. Not less than present a better excessive for a change, after which we will speak.”
Bitcoin is buying and selling for $28,044 at time of writing, a fractional dip on the day, whereas ETH is valued at $1,842.
I
Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox
Test Value Motion
Observe us on Twitter, Facebook and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate internet marketing.
Featured Picture: Shutterstock/Coffeemill/pikepicture
