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Crypto Expert Weighs In On ETH/BTC Pair’s Recent Decline

Amid turbulence surrounding the crypto market, popular founder and Chief Executive Officer (CEO) of Into The Cryptoverse Benjamin Cowen has taken the spotlight to shed his insights on the recent downtrend observed in the Ethereum/Bitcoin (ETH/BTC) pair. Cowen’s views examine the complex relationship between Ethereum and Bitcoin pricing and the potential for further downside risk.

According to Benjamin Cowen, the ETH/BTC pair is currently on the downside, and the last 2 times that the pair declined, ETHUSD witnessed a steep decline of around 70%. Given that the crypto community has been eagerly anticipating an Altcoin season for the past 2.5 years, Cowen thinks it is crucial to warn the community that there is still a possibility of a downward movement.

ETH/BTC Pair Rejected By The Bull Market Band

Cowen has also confirmed that ETH/BTC is presently being rejected by the bull market support band, which he previously predicted days back due to a price pump. “I would expect it (ETH/BTC) to be rejected by the bull market support band, at least when looking at weekly closes ($0.053-$0.054),” he stated. He further noted that the pump appears to be mirroring the last cycle of rate cuts right before summer capitulation.

Following the launch of Bitcoin Spot Exchange-Traded Funds (ETFs), Cowen mentioned that ETH/BTC saw a sharp rally. The analyst affirms that the rally was probably similar to the trend of the previous bull cycle, ushering in new lows.

ETH/BTC

Furthermore, Cowen stated that there has been an unquestionable macro downtrend since November 2021, particularly following the merger of the ETH/BTC pair. However, it is also evident that the market did not decrease abruptly.

As a result, investors held ETH instead of BTC all the way down from 0.085 to 0.048 because of the multiple lower highs, giving the impression that it was holding up quite well. 

Prior to the Bitcoin Halving, Cowen predicted that the bull market support band would reject ETH/BTC, at least when considering weekly closes ($0.053-$0.054), should there be a rebound after the Halving, similar to that witnessed with BTC spot ETF launch. Regardless of what occurs, the expert is confident that ETH/BTC will reach between $0.03 and $0.04 by this summer.

Heightened Divergence Between Ethereum And Bitcoin

Being the two leading cryptocurrency assets, there is great interest surrounding Ethereum and Bitcoin. However, on-chain analytics firm Glassnode has highlighted a shift in performance between both digital assets.

According to the firm, the performance of Ethereum and Bitcoin has been increasingly diverging so far in the 2023–2024 cycle. This is due to poorer performance in ETH price, which is explained by a generally weaker trend in capital rotation. In addition, this is evident when particularly compared to preceding cycles and all-time highs.

ETH/BTC

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Bitcoin Local Bottom In? Analyst Offers Insights

In an ever-evolving world of cryptocurrency markets, deciding the bottom of Bitcoin price correction is an endeavor that attracts interest from both investors and analysts. Joining the fray is cryptocurrency analyst and trader MilkyBull offering insights on the subject, claiming that Bitcoin’s local bottom has developed due to a certain development.

Following its weekend recovery out of bear market territory, the price of Bitcoin slightly decreased on Monday. However, MilkyBull is confident that the recent retracement might be the last before BTC turns to move on the upside.

Bitcoin Local Bottom Is In

According to the expert, given that the next liquidity grab interest is above $64,557, the local bottom for Bitcoin is in. As a result, before moving on to the current all-time high of $73,000, BTC will first clear the $67,000 price level and consolidate. Thus, Bitcoin may eliminate the CME gap below either prior to or subsequent to eliminating the liquidity above $64,975.

Related Reading: Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form

The CME gap is a price difference that occurs between the Friday closing price and Sunday opening prices of the Chicago Mercantile Exchange (CME) Bitcoin futures market. Therefore, the expert considers this development a good area for long trade, signaling a buying opportunity for BTC bullish investors.

Bitcoin

MilkyBull further drew attention to a previous analysis that suggests Bitcoin could be poised for a rally due to historical patterns. The analyst noted that the 2017 price action shows that when BTC breached a new all-time high, there was a healthy retracement that was driven by liquidity before it surged to a cycle peak. 

Given that BTC might be mirroring this pattern, MilkyBull’s analysis might suggest that BTC has undergone its last shakeout, and a move on the upside could be imminent. He also confirmed that the present consolidation range was paralleled by the preceding consolidation, which began to materialize from December 2023 to February 2024. 

This pattern, identified as a manipulative strategy of the market makers (MMs) by the expert, is meant to remove degenerate Short-Term Holders (STHs), which are particularly vulnerable to price corrections below their cost base.

BTC Correction On The Horizon

While MilkyBull anticipates a rally, market expert Benjamin Cowen expects the leading cryptocurrency asset to drop in the upcoming days. Last week, Cowen claimed BTC’s Return On Investment (ROI) 12 days after the Bitcoin Halving event was the worst performance that the asset has experienced. According to Cowen, this is reasonable as it is the first time BTC is reaching a new all-time high before the Halving.

Almost a week later, there is still no improvement, as the analyst noted that BTC ROI is still performing worse than in previous cycles. Comparing this action with that of 2016, Cowen expects BTC to undergo a decline in the coming week.

During the time of writing, BTC was trading at $63,970, demonstrating an increase of over 3% in the past week. While its market cap is down by 1.17%, its daily trading volume has garnered positive sentiment, rising by 40%.

Bitcoin

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Is Bitcoin Headed For A Crash? Analysts Cite Possible Downtrend

Investors in the cryptocurrency space are eagerly awaiting the halving of Bitcoin in order to fuel future market growth. However, top cryptocurrency expert and trader Benjamin Cowen cautions that if the price of BTC follows a previous pattern, there may be a correction.

Bitcoin Halving Could Impact Price Negatively

Cowen has highlighted a trend that could potentially lead to a significant decline in the crypto asset’s price when the Bitcoin halving event commences, which suggests that BTC could be poised for a decline in the coming days.

According to Cowen, should Bitcoin continue to follow the same trajectory as it entered the spot ETF during the halving, BTC may witness a trend toward the downside. The crypto expert advocates that these patterns typically do not repeat precisely. However, he believes putting the idea out there is crucial in case it happens again in a similar manner.

Bitcoin

In response, a pseudonymous user commented on Cowen’s post and reminded the expert that he forgot the arrow backup. Responding to the user, Cowen stated that he believes the outcome of the next phase will depend on whether or not ALT/BTC pairs have collapsed by then.

Furthermore, he affirms there could be a move on the upside if they have not broken down. Meanwhile, in the event that they have broken down, the pattern can transit to something new.

It is worth noting that the Bitcoin halving event is forecasted to take place within the next 11 days. Given Bitcoin’s halving previous significant impact on price, BTC could be positioned for a notable price surge in the coming days. However, if Cowen’s recent prediction manifests, it could paint a different picture for the crypto asset during the halving event.

The expert’s prediction has sent quite a frenzy in the crypto community, with analysts like Peter Brandt supporting his insights. Peter Brandt acknowledged Cowen’s projections noting that previous Bitcoin bull markets have exhibited a similar fundamental trend.

What To Expect During The Halving Event

As the halving event approaches, the cryptocurrency data analytics platform Kaiko has laid out a perspective to watch out for. Kaiko’s perspective delves into the impact the halving has had on BTC’s price in the short term over the years.

According to the platform, in the past, the short-term price effect of Bitcoin halvings has been inconsistent. Nonetheless, historical data reveals that the coin tends to rise 9-12 months after halving, making it a generally bullish development.

At the time of writing, Bitcoin’s price was up by 8% in the past 7 days, valued at $70,770. Its overall market cap is down by over 2%, however, while its trading volume is up by over 8% in the past day.

Bitcoin

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Crypto Analyst’s September Warning: Bitcoin Faces A Red Month

In a recent video by renowned cryptocurrency analyst Benjamin Cowen, ominous predictions for Bitcoin performance in September have emerged. Cowen, known for his data-driven approach to cryptocurrency analysis, shared his insights regarding Bitcoin’s historical performance in September and its potential trajectory for the current year.

Cowen acknowledged that September has traditionally been a challenging month for BTC, often characterized by negative price movements. He emphasized that while historical trends suggest a red month for Bitcoin in September, there are no guarantees, and occasional green September does occur.

The analyst highlighted that Bitcoin had experienced six consecutive red September from 2017 to 2022. The average return for Bitcoin in September has historically been around -6.6%, with a standard deviation that adds to the unpredictability of the cryptocurrency’s performance.

Examining Potential Price Declines

Cowen then delved into the potential price decline for Bitcoin in September. Given Bitcoin’s opening price of just below $26,000 for the month, a 7% decrease would bring its value to approximately $24,000. He further pointed out that in the pre-halving year of 2019, Bitcoin witnessed a 14% drop in September, potentially pushing its price down to $22,000.

To bolster his argument, Cowen referred to a recent tweet in which he speculated a substantial chance of Bitcoin reaching $23,000 in September. Although he stressed that this prediction is far from a guarantee, he underscored the seasonal pattern, the downward momentum, and the recent monthly close below certain support levels as factors that make a dip to $23,000 plausible.

Moreover, Cowen discussed the average returns in all pre-halving years for the month, revealing a drop of approximately 17.7%, which could result in Bitcoin trading at around $21,500 if history repeats itself.

On August’s performance, Cowen noted that Bitcoin had already experienced a 10% drop. While August’s long-term average is approximately 21%, averaging only the last two pre-halving years (2015 and 2019) suggests a more modest -11% to -12% average drop. This highlights that Bitcoin may follow a similar pattern in September, potentially softening the blow to around $24,000.

The current price of Bitcoin (BTC) is  $25,813, with a 24-hour price change of -0.99%. As the leading cryptocurrency, Bitcoin commands a significant market cap of $502,654,681,515, securing its position as the number one cryptocurrency by market capitalization. In the past 24 hours, Bitcoin has experienced a trading volume of $17,603,174,408, making it the second most actively traded cryptocurrency by volume. This high trading volume indicates strong interest and activity within the Bitcoin market, contributing to its liquidity.

BTCUSD chart

Navigating Bitcoin’s Cyclical Nature

Cowen emphasized that despite the uncertainty, the seasonality of Bitcoin and the existing downward momentum make a test of the $23,000 level highly likely in the near future, possibly in September or October.

Cowen reflected on the cyclical nature of Bitcoin’s price movements in a broader context, stating that it often alternates between bullish and bearish phases. He stressed that during pre-halving years, Bitcoin tends to rise significantly during the first half and experience declines in the latter half. According to Cowen, this pattern is designed to “wreck” both bulls and bears before entering a period of sustained growth.

He also pointed out that while BTC may face challenges in the short term, once quantitative easing (QE) returns and the cryptocurrency market sentiment improves, altcoins could regain momentum.

In conclusion, Cowen cautioned his audience to remain vigilant in September, historically a month of red returns for Bitcoin. He urged caution, citing past data and market dynamics as indicators of a potentially challenging month ahead. While the future remains uncertain, Cowen’s data-driven analysis serves as a valuable resource for those navigating the turbulent waters of the cryptocurrency market. Investors and enthusiasts will undoubtedly watch closely to see if Bitcoin’s performance aligns with his predictions in the coming weeks and months.

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Crypto Analyst’s September Warning: Bitcoin Faces A Red Month

In a recent video by renowned cryptocurrency analyst Benjamin Cowen, ominous predictions for Bitcoin performance in September have emerged. Cowen, known for his data-driven approach to cryptocurrency analysis, shared his insights regarding Bitcoin’s historical performance in September and its potential trajectory for the current year.

Cowen acknowledged that September has traditionally been a challenging month for BTC, often characterized by negative price movements. He emphasized that while historical trends suggest a red month for Bitcoin in September, there are no guarantees, and occasional green September does occur.

The analyst highlighted that Bitcoin had experienced six consecutive red September from 2017 to 2022. The average return for Bitcoin in September has historically been around -6.6%, with a standard deviation that adds to the unpredictability of the cryptocurrency’s performance.

Examining Potential Price Declines

Cowen then delved into the potential price decline for Bitcoin in September. Given Bitcoin’s opening price of just below $26,000 for the month, a 7% decrease would bring its value to approximately $24,000. He further pointed out that in the pre-halving year of 2019, Bitcoin witnessed a 14% drop in September, potentially pushing its price down to $22,000.

To bolster his argument, Cowen referred to a recent tweet in which he speculated a substantial chance of Bitcoin reaching $23,000 in September. Although he stressed that this prediction is far from a guarantee, he underscored the seasonal pattern, the downward momentum, and the recent monthly close below certain support levels as factors that make a dip to $23,000 plausible.

Moreover, Cowen discussed the average returns in all pre-halving years for the month, revealing a drop of approximately 17.7%, which could result in Bitcoin trading at around $21,500 if history repeats itself.

On August’s performance, Cowen noted that Bitcoin had already experienced a 10% drop. While August’s long-term average is approximately 21%, averaging only the last two pre-halving years (2015 and 2019) suggests a more modest -11% to -12% average drop. This highlights that Bitcoin may follow a similar pattern in September, potentially softening the blow to around $24,000.

The current price of Bitcoin (BTC) is  $25,813, with a 24-hour price change of -0.99%. As the leading cryptocurrency, Bitcoin commands a significant market cap of $502,654,681,515, securing its position as the number one cryptocurrency by market capitalization. In the past 24 hours, Bitcoin has experienced a trading volume of $17,603,174,408, making it the second most actively traded cryptocurrency by volume. This high trading volume indicates strong interest and activity within the Bitcoin market, contributing to its liquidity.

BTCUSD chart

Navigating Bitcoin’s Cyclical Nature

Cowen emphasized that despite the uncertainty, the seasonality of Bitcoin and the existing downward momentum make a test of the $23,000 level highly likely in the near future, possibly in September or October.

Cowen reflected on the cyclical nature of Bitcoin’s price movements in a broader context, stating that it often alternates between bullish and bearish phases. He stressed that during pre-halving years, Bitcoin tends to rise significantly during the first half and experience declines in the latter half. According to Cowen, this pattern is designed to “wreck” both bulls and bears before entering a period of sustained growth.

He also pointed out that while BTC may face challenges in the short term, once quantitative easing (QE) returns and the cryptocurrency market sentiment improves, altcoins could regain momentum.

In conclusion, Cowen cautioned his audience to remain vigilant in September, historically a month of red returns for Bitcoin. He urged caution, citing past data and market dynamics as indicators of a potentially challenging month ahead. While the future remains uncertain, Cowen’s data-driven analysis serves as a valuable resource for those navigating the turbulent waters of the cryptocurrency market. Investors and enthusiasts will undoubtedly watch closely to see if Bitcoin’s performance aligns with his predictions in the coming weeks and months.