High cryptocurrency analyst Benjamin Cowen says he’s bearish on Ethereum (ETH) when paired towards Bitcoin (BTC).
Cowen tells his 748,800 Twitter followers that the Ethereum/Bitcoin pair is on the verge of “collapsing.”
Based on Cowen’s ETH/BTC chart, Ethereum might plummet by practically 40% to underneath 0.03800000 BTC.
“I nonetheless assume ETH/BTC is within the means of collapsing.”
Ethereum is buying and selling at $1,850, or 0.06135859 BTC, at time of writing.
The crypto strategist, who has not too long ago taken the place that Bitcoin is about to vastly outperform altcoins, additionally says that Polygon (MATIC) seems bearish and is more likely to plunge towards Bitcoin.
“MATIC/BTC fading to the decrease a part of the vary.
Beneath 0.00001700 BTC, there’s not a lot help for some time.”
Polygon is buying and selling at 0.00002085 BTC, $0.63, at time of writing.
Turning to Solana (SOL), Cowen says that the Eleventh-largest crypto asset by market cap additionally seems bearish towards Bitcoin.
“SOL/BTC following the identical sample for nearly the final 2 years.
Individuals get sucked again in on every pump, just for it to finally fade and put in new lows.”
Solana is buying and selling at 0.00053313 BTC, or $16.08, at time of writing.
Utilizing Cardano (ADA) to exemplify how drastic altcoins can fall towards Bitcoin, Cowen says,
“Precisely 4 years in the past, ADA/BTC was at 0.00000900 BTC (identical as at the moment).
Roughly 5-6 weeks later, it was at 0.00000400 BTC.
The altcoin reckoning might be brutal.”
Cardano is buying and selling at 0.00000907 BTC, $0.27, at time of writing.
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