Cryptocurrency analyst Benjamin Cowen, Ethereum $2,550‘s Bitcoin 
$63,089 He predicts that (ETH/BTC) may be in the process of forming cyclical bottoms.
Historical Patterns Point to Bottom
In a video update to his 813,000 YouTube subscribers, Cowen stated that based on historical precedent, he believes the bottom of the Ethereum/Bitcoin pair is near.
“I mentioned the 2016 and 2019 fractals before. If you look at either of those fractals, they suggest that the bottom is imminent for Ethereum/Bitcoin,” Cowen said.
Taking a closer look at the ETH/BTC price action, Cowen said that the current market structure of the pair follows the footsteps of the price movements of 2016 and 2019. The analyst noted that in this cycle, ETH/BTC formed a lower high and consolidated above the range lows for a while before breaking down – as was the case in the 2016 and 2019 cycles.
Timing of Lows
Cowen added that the timing of the ETH/BTC bottom also closely follows the 2016 and 2019 cycles.
“It took Ethereum/Bitcoin about seven weeks to bottom – that was in 2016. If you look at 2019, it took about eight weeks after the December bottom. So there’s seven weeks and eight weeks. So how long has it been now? It looks like it broke below the December bottom the week of July 22nd. So it’s been eight weeks already,” Cowen said.
“It would be dangerous to assume that it’s going to fall much further, in terms of time. It could fall a little bit more, but it would be dangerous to assume that it’s going to fall much further, in terms of time. So when is it really going to bottom? It could be this week, it could be next week. I don’t really know. But my guess is it’s going to happen sometime soon,” Cowen added.
At the time of writing, ETH/BTC is trading at 0.0405 BTC, which is equivalent to $2,544.
Ethereum’s price action against Bitcoin, which is similar to past cycles, supports analysts’ predictions that a bottom is near. Historical data and fractals suggest that Ethereum could soon gain value against Bitcoin.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
