dailyhodl.com
A widely followed crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) pair is on the cusp of printing a cycle bottom.
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against the crypto king and it appears as if ETH is poised to stop bleeding against BTC.
But Cowen says Bitcoin’s dominance level – or the ratio of BTC’s market cap compared to the market cap of all other crypto assets – is still on the rise, suggesting that ETH/BTC can still witness a leg down.
“I still think that Bitcoin dominance is in an uptrend… I think it will go probably to approximately 60%, so I don’t think Bitcoin dominance has topped, which is why ETH/BTC could go a little bit lower.”
BTC’s dominance level is currently sitting at 57.64%, according to TradingView.
However, Cowen says it is within the realm of possibility for Ethereum to bottom out against Bitcoin before the rest of the altcoin market prints cycle lows.
“There does exist a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against Bitcoin…
They don’t all have to happen at the same time and I think that’s what a lot of people might forget is that some assets will bottom out against Bitcoin well before other assets bottom out against Bitcoin and all I know right now is that it looks like ETH/BTC is in its final stages of capitulation.
I don’t know how low it’s going to go but I do believe this represents final capitulation for ETH/BTC and I do think it’s going to bottom out relatively soon.”
Cowen goes on to say that the worst-case scenario for this outcome would be a bounce to the upside followed by a lower low in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).
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