Top cryptocurrency analyst Benjamin Cowen says he is bearish on Ethereum (ETH) when paired against Bitcoin (BTC).
Cowen tells his 748,800 Twitter followers that the Ethereum/Bitcoin pair is on the verge of “collapsing.”
According to Cowen’s ETH/BTC chart, Ethereum could plummet by nearly 40% to under 0.03800000 BTC.
“I still think ETH/BTC is in the process of collapsing.”
Ethereum is trading at $1,850, or 0.06135859 BTC, at time of writing.
The crypto strategist, who has recently taken the position that Bitcoin is set to vastly outperform altcoins, also says that Polygon (MATIC) appears bearish and is likely to plunge against Bitcoin.
“MATIC/BTC fading to the lower part of the range.
Below 0.00001700 BTC, there is not much support for a while.”
Polygon is trading at 0.00002085 BTC, $0.63, at time of writing.
Turning to Solana (SOL), Cowen says that the 11th-largest crypto asset by market cap also appears bearish against Bitcoin.
“SOL/BTC following the same pattern for almost the last 2 years.
People get sucked back in on each pump, only for it to eventually fade and put in new lows.
Solana is trading at 0.00053313 BTC, or $16.08, at time of writing.
Using Cardano (ADA) to exemplify how drastic altcoins can fall against Bitcoin, Cowen says,
“Exactly 4 years ago, ADA/BTC was at 0.00000900 BTC (same as today).
Approximately 5-6 weeks later, it was at 0.00000400 BTC.
The altcoin reckoning can be brutal.”
Cardano is trading at 0.00000907 BTC, $0.27, at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox