Closely followed crypto analyst Benjamin Cowen is weighing in on Ethereum (ETH) and its chances of flipping Bitcoin’s (BTC) market cap in the future.
In a new strategy session, Cowen tells his 785,000 YouTube subscribers that while he’s not bearish on ETH in the long run, he envisions the top altcoin’s price going down in the near future.
[adinserter block="1"]According to Cowen, the ETH/BTC pair has been both putting in higher lows as well as lower highs, leaving some investors with questions.
“Since Ethereum/Bitcoin peaked, it’s just been one lower high after another, and I think it’s an inconvenient truth for a lot of people to accept, especially when you consider that it’s also a lower high compared to January 2018 and a lower high compared to June of 2017. It’s just been one lower high after another…
It’s been putting in lower highs, but guess what? It’s also been putting in higher lows and that is sort of the big question mark around Ethereum.”
Cowen goes on to say that while he doesn’t believe ETH will flip BTC, it’s still a possibility and there is evidence to support both a bull case and a bear case.
“My view at this point is that it likely will not flip Bitcoin, but I think that it still is a question mark because we still are technically seeing higher lows [and] we’re seeing lower highs. We’re also seeing higher lows, so if you’re a bull, there’s evidence to support your thesis, if you’re a bear, there’s evidence to support your thesis.
Now I want to be clear, I’m not long-term bearish on Ethereum, I do think it’s a valid asset, but I will say that in the short to medium term, I still remain bearish on it. These short-term pumps that we get are not going to change my view. At least show a higher high for a change, and then we can talk.”
Bitcoin is trading for $28,044 at time of writing, a fractional dip on the day, while ETH is valued at $1,842.
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