​Analyst Benjamin Cowen predicts the collapse of the ETH rate to bitcoin

The material is not an investment recommendation and is published for information purposes only.

What’s new? Cryptocurrency analyst Benjamin Cowen on his Twitter account shared a bear prediction about the rate of Ethereum paired with bitcoin. Thus, in his opinion, the trading pair ETH/BTC is on the verge of “collapsing.” According to Cowen’s chart, the value of the altcoin could fall by almost 40%, below 0,03800000 BTC. As of June 29, 13:50 UTC, the value of ETH on Binance is 0,06077 BTC, down by 1,12% in 24 hours.

I still think #ETH / #BTC is in the process of collapsing pic.twitter.com/3Q9cVpP3Wc — Benjamin Cowen (@intocryptoverse) June 28, 2023

Cowen’s other predictions. The analyst expects that the price of the native token of the Polygon (MATIC) blockchain platform is also likely to fall in tandem with bitcoin. He noted that “below 0,00001700 BTC, there is not much support for a while.” At the time of writing this news, the rate of MATIC to BTC on Binance is 0,00002063 (-0,96% overnight).

#MATIC / #BTC fading to the lower part of the range.Below 1700 sats, there is not much support for a while. pic.twitter.com/USxsE94Qdr — Benjamin Cowen (@intocryptoverse) June 28, 2023

Cowen also emphasized that the value of the native token of the Solana (SOL) blockchain to the first cryptocurrency has been repeating the same scenario for two years. According to him, investors pump up the rate of altcoin in this pair, after which it sets new lows. The analyst noted the downtrend on the current price chart as well. SOL is trading at 0,0005726 BTC (+6,86%).

#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. pic.twitter.com/5Z6kAfM3aQ — Benjamin Cowen (@intocryptoverse) June 28, 2023

Using the Cardano (ADA) network’s native coin as an example of how drastically altcoins can fall when paired with bitcoin, Cowen recalled that “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.” ADA is trading at 0,00000896 BTC (-1,21%).

Exactly 4 years ago, #ADA / #BTC was at 900 sats (same as today).Approximately 5-6 weeks later, it was at 400 sats.The Altcoin reckoning can be brutal. pic.twitter.com/QwkDyKMFAY — Benjamin Cowen (@intocryptoverse) June 28, 2023

In May, Cowen allowed the possibility that the bitcoin rate is likely to fluctuate between $12 000 and $35 000 before the end of 2023. He noted a downward trend in the asset’s profitability, suggesting it will continue in the future.