Popular Analyst Predicts Potential Plunge for Bitcoin and Ethereum
Crypto analyst Benjamin Cowen, known for his insights on digital assets, has shared his thoughts on the future of Bitcoin and Ethereum in a recent YouTube video. With a following of almost 900,000 subscribers, Cowen warns that both cryptocurrencies could see a significant drop in value in the coming months.
Bitcoin’s Potential Drop Below Bull Market Support Band
Cowen highlights that Bitcoin (BTC) might dip below the bull market support band in August, possibly reaching the $64,000 range. This support band is determined by the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). Notably, BTC has breached this band in previous years, such as in 2023 and 2024.
Ethereum’s Possible Decline to $1,000
In line with his Bitcoin predictions, Cowen suggests that if Bitcoin falls to the $64,000 level, Ethereum (ETH) could also experience a drop, potentially nearing $1,000. He points out that Ethereum’s lower logarithmic regression trendline sits around $1,100, indicating a possible floor for the asset.
Potential Rally in Q4
Cowen emphasizes that the logarithmic regression band he uses is based on non-bubble data to estimate an asset’s fair value. Despite the projected declines, he sees the possibility of a significant rally in the crypto market in the fourth quarter of this year.
Current Market Status
As of the time of writing, Ethereum is trading at $2,480, experiencing a slight decline of over 1% in the past 24 hours. On the other hand, Bitcoin is priced at $102,536, down more than 1.5% in the same timeframe.
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