Benjamin Cowen, a popular crypto analyst, believes that the value of the two top digital assets will plummet in the coming months.
Cowen, in a recent YouTube video, tells his 896,00 subscribers that Bitcoin could fall below the bull-market support band by August and possibly reach $64,000.
The 20-week moving average and 21-week exponential average form the bull market support bands.
Cowen states that BTC fell below the band between August 2023, July 2024 and August 2023.
Analysts predict that if Bitcoin falls to this level, Ethereum could drop to close to $1,000.
Cowen claims that the logarithmic band was designed to track an asset’s fair value using data “free of bubbles.” He also believes the cryptocurrency market could ignite a rally during Q4 this year.
ETH was trading at $2.480 as of the time this article is written. In the last 24 hours, the second-ranked cryptocurrency asset in terms of market capital has dropped more than 1%.
BTC has fallen more than 1.5% over the last day and currently trades at $102,536.
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Benjamin Cowen says $1,100 Ethereum could be coming before the real rally kicks off. Here’s why. This article may change as new information becomes available.
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