Cryptocurrency analyst Benjamin Cowen stated that given Bitcoin’s present state of affairs, it’s unlikely that Ethereum will hit new highs subsequent 12 months.
“If Bitcoin is de facto in a bear market, which is what it actually seems like, it's going to be a little bit bit tough for Ethereum to stand up there,” Cowen stated on Tuesday's Bankless podcast.
This comes after veteran dealer Peter Brandt predicted on December 19 that Bitcoin may fall to $60,000 by the third quarter of 2026.
Nonetheless, Cowen stated that if Ether (ETH) is ready to regain its all-time excessive of $4,878, which it final hit in August, there might be a “bull lure” the place the worth spikes after which plummets to $2,000.
Ether will rise 40% if it returns to all-time highs
Ethereum briefly regained its 2021 all-time excessive of $4,878 on August 22, however then entered a downward development, dropping to $2,767 in November.
On the time of publication, Ether is buying and selling at $2,898, in accordance with CoinMarketCap. A return to all-time highs would signify a 40.59% rise from present ranges.
Benjamin Cowen appeared on the Bankless podcast on December twenty third. supply: bankless
Nonetheless, Cowen careworn that whereas this situation shouldn’t be inconceivable for Ether, it most likely received't set off a domino impact throughout the broader crypto market subsequent 12 months.
“The one altcoin I'm contemplating that is Ethereum. I believe quite a lot of different altcoins are cooked to some extent at this level on this cycle,” he stated, including that it's unlikely to hit new highs this cycle, if not but.
Fundstrat World Advisors reportedly warned buyers on December 17 of the potential for a “vital drawdown” that would see Ether fall from $1,800 to $2,000 in 2026.
In the meantime, cryptocurrency analyst Crypto with James stated on December 16 that Ether is “not carried out but” and stated there’s nonetheless potential for it to rise once more towards all-time highs within the quick time period.
