Benjamin Cowen Says One Ethereum Rival Could Crash by +50%, Updates Outlook on Bitcoin and Litecoin – The Daily Hodl



Top crypto analyst Benjamin Cowen is warning that one Ethereum (ETH) rival could plummet like Cardano (ADA) did last cycle.

Cowen tells his 754,600 followers on social media platform X that Solana (SOL) is at risk of losing key support levels that could send it down to $10, a more than 50% decline from its current value.

“Good chance SOL sweeps the lows, just like ADA did last cycle.”

Source: Bejamin Cowen/X
Image
Source: Bejamin Cowen/X

From about May 2019 to May 2020, Cardano fell from about $0.10 to $0.028, according to his chart.

Solana is trading for $21.67 at time of writing, up 5.4% in the last 24 hours.

The analyst also suggests Bitcoin (BTC) could form a double bottom pattern and return to the $13,000-$14,000 range, before a move to the upside once the Federal Reserve pivots in early 2024.

“Bitcoin: A scenario to consider.

This potential scenario is a lower low. Of course, a case could be made for a double bottom (2015) or higher low (2018-2020), but I would at least keep the 2019 high in mind ($13,000-$14,000).”

Image
Source: Bejamin Cowen/X

He says another possibility is that Bitcoin declines to the $16,000-$17,000 range before a move to the upside at the start of the year, reaching $24,000 heading into April.

“The post [of a double bottom] seems to have ruffled some feathers. Here is what a higher low/double bottom might look like for BTC. I think people should just prepared for various outcomes, which is why I posted the initial chart. I can assure you that I have no idea of the actual path.”

Image
Source: Bejamin Cowen/X

Bitcoin is trading for $26,440 at time of writing, up 1.6% in the last 24 hours.

Next up, the analyst weighs in on Litecoin (LTC).

He believes the peer-to-peer payments network will not rally until after Bitcoin’s halving, which is slated in April 2024, based on historical price action. He also thinks Litecoin will underperform Bitcoin even when it does make a move to the upside.

“Remember, LTC tops out before its halving, sells off into it, and then remains weak until a few months after the BTC halving. Even then, it will likely underperform BTC.”

Image
Source: Bejamin Cowen/X

Litecoin is trading for $65.61 at time of writing, up 1.3% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link


Like it? Share with your friends!