On 27 November 2022, crypto analyst Benjamin Cowen\u00a0shared his thoughts on Bitcoin\u2019s and Ethereum\u2019s price action.<\/p>\n
Cowen\u2019s comments were made during an interview on \u201cAltcoin Daily\u201d that was released yesterday.<\/p>\n
According to a report by The Daily Hodl, with regard to Bitcoin, he said:<\/p>\n
\u201cI don\u2019t think [Bitcoin] has to drop nearly as much as some of these altcoins to actually [find] its bottom\u2026 The main indicators that I\u2019m still looking at that it [still] needs to trigger are things like Bitcoin normally has a daily close below its balanced price.<\/em>.. Right now, the balanced price is right at $15,000 so that would tend to make me think that we need to go below $15,000 at some point.<\/em>\u201c<\/p>\n As for Ethereum, he had this to say:<\/p>\n \u201cThe worst case scenario would be dependent on how bad this potential recession ends up being. It\u2019s hard to know exactly how that\u2019s going to affect crypto, but I would say for Ethereum, the main levels I\u2019m watching are the $400-$600 range.<\/em>.. I don\u2019t know if it\u2019s going to go all the way down to $400, but I do think a $600 ETH is potentially in the cards mainly because I think there\u2019s a lot of evidence to suggest that it\u2019s about one cycle behind Bitcoin in terms of volatility.<\/em><\/p>\n [\u201cETH\u2019s] first cycle [was] a solid 95% bear market and Bitcoin\u2019s first bear market was 94%. Bitcoin\u2019s second bear market was around 87% so if Ethereum goes down 87% from its all-time high this time, or even 88%, that\u2019s gonna put it at just below $600, so I think there\u2019s a case to be made that Ethereum could have this final capitulation down into the $400-$600 range.<\/em>\u201c<\/p>\n https:\/\/youtube.com\/watch?v=9ixJXwBT_HM%3Ffeature%3Doembed<\/p>\n On 13 November 2022, crypto analyst Benjamin Cowen said this about $ETH\u2019s price actions:<\/p>\n \u201cWe\u2019ve talked about this throughout this year and the general expectation is that Ethereum goes through a series of bull runs, but It ultimately just heads home at the end of the day and that\u2019s back to its logarithmic regression band fit to \u201cnon-bubble data\u201d and we\u2019re sort of seeing that same trend take place for the fifth time\u2026<\/em><\/p>\n \u201cIf you remember back to 2018, the drawdown that Ethereum had was about 95% or so. I\u2019m not saying Ethereum is going to go down 95%, but even if it went down, say 87%, which is what Bitcoin went down after its 95% bear market, that would still put Ethereum at $600<\/em>\u2026<\/p>\n