In style crypto analyst Benjamin Cowen thinks the highest two digital belongings may plunge in worth over the subsequent few months.
In a brand new YouTube video, Cowen tells his 896,000 subscribers that Bitcoin (BTC) may swing under the bull market help band in August, probably dropping to the $64,000 vary.
The bull market help band is shaped by the 20-week easy shifting common (SMA) and the 21-week exponential shifting common (EMA).
Cowen notes that BTC dropped under the band in August and September of 2023 and July, in addition to in August and September of 2024.
The analyst predicts that if Bitcoin drops to that stage, Ethereum (ETH) may fall near $1,000.
“I’d contend that Ethereum may not go decrease than $1,100, as a result of that’s the place the decrease logarithmic regression trendline is, and the ultimate low earlier than a very massive rally occurred final cycle was round $116-$120 – 10x that, $1,100 to $1,200.”
Cowen says the logarithmic regression band is designed to trace the truthful worth of an asset utilizing “non-bubble information.” The analyst additionally sees the potential for the crypto market igniting an actual rally in This fall of this yr.
ETH is buying and selling at $2,480 at time of writing. The second-ranked crypto asset by market cap is down greater than 1% previously 24 hours.
BTC is buying and selling at $102,536 at time of writing and is down greater than 1.5% previously day.
Observe us on X, Fb and Telegram
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Test Value Motion
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses you might incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney