One of the most respected crypto analysts says the Ethereum/Bitcoin (ETH/BTC pair) is about to print a new cycle bottom.
Benjamin Cowen, a crypto-trader from the United States tells his 813,000 YouTube followers that altcoins are going to eventually fall against BTC and that ETH appears ready to stop bleeding.
Cowen, however, says that Bitcoin’s dominance – the ratio between BTC’s and all other crypto-assets’ market caps – continues to rise. This suggests that ETH/BTC could still experience a decline.
TradingView reports that BTC has a dominance of 57.64%.
Cowen believes that Ethereum could bottom out before other altcoins reach their cycle lows.
There is a possibility that ETH/BTC will bottom out before all altcoin markets bottom against Bitcoin.
It doesn’t have to all happen simultaneously. I believe that many people forget that certain assets will reach their bottom against Bitcoin before others. All I can tell you right now is it appears that ETH/BTC has reached its last stages of capitulation.
“I don’t have a clue how low the price is going to fall but I believe that this is the final capitulation of ETH/BTC. I think we’re going to see a bottom relatively soon.”
Cowen continues to state that the worst case scenario would be for the outcome to occur as a rebound to the upside, followed by a low of less than a year ago.
ETH/BTC currently trades at 0.04125 BTC (2,597).
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The ICD published the article Ethereum is in its ‘final stages of capitulation’ against Bitcoin according to Benjamin Cowen.
