Amid turbulence surrounding the crypto market, popular founder and Chief Executive Officer (CEO) of Into The Cryptoverse Benjamin Cowen has taken the spotlight to shed his insights on the recent downtrend observed in the Ethereum/Bitcoin (ETH/BTC) pair. Cowen’s views examine the complex relationship between Ethereum and Bitcoin pricing and the potential for further downside risk.

According to Benjamin Cowen, the ETH/BTC pair is currently on the downside, and the last 2 times that the pair declined, ETHUSD witnessed a steep decline of around 70%. Given that the crypto community has been eagerly anticipating an Altcoin season for the past 2.5 years, Cowen thinks it is crucial to warn the community that there is still a possibility of a downward movement.

ETH/BTC Pair Rejected By The Bull Market Band

Cowen has also confirmed that ETH/BTC is presently being rejected by the bull market support band, which he previously predicted days back due to a price pump. “I would expect it (ETH/BTC) to be rejected by the bull market support band, at least when looking at weekly closes ($0.053-$0.054),” he stated. He further noted that the pump appears to be mirroring the last cycle of rate cuts right before summer capitulation.

Following the launch of Bitcoin Spot Exchange-Traded Funds (ETFs), Cowen mentioned that ETH/BTC saw a sharp rally. The analyst affirms that the rally was probably similar to the trend of the previous bull cycle, ushering in new lows.

Furthermore, Cowen stated that there has been an unquestionable macro downtrend since November 2021, particularly following the merger of the ETH/BTC pair. However, it is also evident that the market did not decrease abruptly.

As a result, investors held ETH instead of BTC all the way down from 0.085 to 0.048 because of the multiple lower highs, giving the impression that it was holding up quite well. 

Prior to the Bitcoin Halving, Cowen predicted that the bull market support band would reject ETH/BTC, at least when considering weekly closes ($0.053-$0.054), should there be a rebound after the Halving, similar to that witnessed with BTC spot ETF launch. Regardless of what occurs, the expert is confident that ETH/BTC will reach between $0.03 and $0.04 by this summer.

Heightened Divergence Between Ethereum And Bitcoin

Being the two leading cryptocurrency assets, there is great interest surrounding Ethereum and Bitcoin. However, on-chain analytics firm Glassnode has highlighted a shift in performance between both digital assets.

According to the firm, the performance of Ethereum and Bitcoin has been increasingly diverging so far in the 2023–2024 cycle. This is due to poorer performance in ETH price, which is explained by a generally weaker trend in capital rotation. In addition, this is evident when particularly compared to preceding cycles and all-time highs.

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MilkyBull, a well-known personality in the world of cryptocurrency analysis, has drawn attention lately for his analysis of Bitcoin’s price trajectory and his prediction of a situation that might cause more fear in the market.

MilkyBull’s analysis delves into the subtleties of Bitcoin’s movement, identifying patterns and trends that could have a big impact on investor mood. 

Bitcoin Triggering Anxiety In The Market

According to the analyst, the market will get even more fearful of the Bitcoin price path before it bottoms out and continues to rise. The analyst claimed that because of the current price of BTC, Blackrock iShares Bitcoin Trust (IBIT) saw its first-ever outflows since the approval of the Bitcoin Spot Exchange-Traded Funds (ETFs).

Furthermore, he reminded us that positive news always denotes the peak of a Bitcoin bull cycle, while negative news denotes the bottom. With this notion, investors could position themselves for the next trajectory BTC takes.

To further explore his narrative, MilkyBull drew attention to a previous analysis regarding Bitcoin’s final local bottom in this cycle. Given that BTC is following the PA (Price Action) of 2017, MilkyBull believes that the crypto asset might have bottomed out or come close to it.

Historically, the bull market support band strongly sustains the Bitcoin market in bull cycles. As a result, the analyst is confident that Bitcoin’s price may wick through the support and recover.

Another aspect highlighted by the expert is the Global liquidity during past bull cycles. Presently, Global liquidity is closely linked to Bitcoin at a level where it recovered in October 2022 and October 2023, which led to the inception of a massive surge in the digital assets markets, sparking a massive surge in the whole cryptocurrency market. 

With the macro volatility on Tuesday, MilkyBull stated that Bitcoin is at a pivotal juncture for the last local bottom before it resumes its rise to the cycle peak. Though the market does not always respond to such expectations, the majority of members in the crypto space are requesting a correction to $48,000.

BTC Poised For A Breakout On The Upside

Another crypto analyst Captain Faibik has also spotted the largest cryptocurrency asset undergoing a price recovery lately. According to the expert, although BTC is currently seeing a rebound, it is still moving inside the falling wedge formation.

Related Reading: Bitcoin Loses Historical Level, Analyst Says “Reclaim And Bounce, Or Die”

Thus, Bitcoin’s bullish investors must overcome the $61,000 resistance level for the digital asset to break out from this formation. Should BTC break out from this formation successfully, Captain Faibik anticipates a notable move on the upside toward $78,000.

Given that BTC is already trading above $61,000, all eyes are now set on the $78,000 price level. At the time of writing, BTC was situated at $61,701, indicating a rise of over 5% in the past day. Data from CoinMarketCap shows that its market cap has increased by 5%, while the trading volume is down by 21%.

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With the fourth Bitcoin Halving just around the corner, Lady of Crypto, a market analyst and trader, has weighed in on claims concerning this bull cycle. 

The crypto analyst shared her insights after analyzing the recent market decline and the impending Bitcoin halving this month. According to the expert, there have been speculations that since BTC broke its all-time high early, the cryptocurrency can continue seeing fresh gains. 

Bullish Run Misconception: Bitcoin Can Hit Another ATH?

Lady of Crypto has disregarded the claims that this bull cycle will begin early, saying she believed the community was “lied to and suggesting widespread misinformation” and dismissing the current gains as the signs of a widespread bull run.

As The Halving approaches, the analyst noted that Bitcoin and Altcoins are severely down, but this is not the time to panic. Drawing attention to the 2016 and 2020 pre-halving dips, she highlights that BTC plummeted by 30% and 20% shortly before the event.

Meanwhile, during this pre-halving period, BTC has dropped by over 17%, with altcoins falling by 29%. Although the current decline was severe, Lady of Crypto notes that it is in the range of a typical pre-halving dip and a black swan event.

She compares the COVID meltdown, in which BTC fell by 58% and altcoins by 68%, suggesting that the current decline pales in significance.

Lady of Crypto clarified that Bitcoin Spot Exchange-Traded Funds (ETFs) have been a major factor in BTC breaking its peak early, highlighting that the masses have not yet arrived. 

The expert then points to social media presence, revealing that the masses are returning to the crypto market. “YouTube views and subscribers show interest in returning gradually, in line with this time last cycle, as do new Twitter followers,” she added.

This Bull Cycle Is Mirroring Past Halving

Except for BTC’s early all-time high break, Lady of Crypto believes this bull run is unfolding similarly to the last two, albeit with more volatility. However, the volatility suggests this will be the biggest bull market ever. 

She advises underexposed investors that the dips are the best chance to purchase BTC during a bull run. Meanwhile, if an investor is overexposed, holding the crypto asset has historically been the best course of action, drawing attention to 2020 and 2021 dips.

Addressing fear and panic among investors, Lady of Crypto cautioned that multiple situations might trigger a panic sell during every bull run. Even though these events appear terrible, like the bull run coming to an end, they are just sideshows.

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The price of Bitcoin has been on a bearish trend for the past few days now, which has led to several crypto analysts predicting an even more bearish action for the crypto asset in the near future.

Bitcoin Price To Crash To $38,130

Ali Martinez, a well-known cryptocurrency analyst and enthusiast, has shared a worrying prediction for the short-term price action of Bitcoin. The analyst took to the social media platform X (formerly Twitter) a few hours ago to share his projections with the crypto community.

Martinez’s forecast came amidst the recent crash craze encompassing the entire crypto market. The largest crypto asset has been suffering with significant pullback for a while now, with pricing dropping below the $40,000 price mark.

According to the analyst, the latest decline in the price of Bitcoin can go below $38,130. Martinez stated that short-term holders of BTC would experience losses if prices go below the aforementioned price level.

He also noted that the price decline could cause a “panic selling” mode among short traders. As a result, these short sellers will look for methods to cut their losses.

The post read:

If Bitcoin’s price falls below $38,130, short-term BTC holders could find themselves in the red. This potential Bitcoin dip might trigger a new wave of panic selling as these holders will seek to minimize losses.

Nonetheless, Martinez has highlighted that the bearish shift is just temporary, predicting that the BTC bull cycle will peak in late 2025. In the post, he asserted that Bitcoin’s current state is similar to previous bull runs that lasted from “2015-2018 and 2018-2022.” After that, he mentioned that market estimates suggest that BTC could reach a new peak by October 2025. 

With his analysis, Martinez has forecasted a “600 days bullish momentum” for Bitcoin, presenting future profits for investors in the long term.

Historical Trends Prove Further Correction In Price

Chief Market Strategist at Creative Planning Investor, Charlie Bilelo has noted that historical trends suggest more price correction. According to the chief, “History does not repeat itself, however it often rhymes.”

Bilelo underscored, that whenever there is a significant event in the history of BTC, there are always notable price corrections. He emphasized BTC witnessed an 84% pullback after the December 2017 bull run.

He highlighted a similar scenario that took place in October 2021 bull run. Then the rally began after the approval of BTC futures ETF and saw a 78% retracement afterwards.

This pattern appears to be partially manifesting as evidenced by the spike in BTC’s price earlier this year due to BTC Spot ETF approval. Bilelo has pointed out a “20% pullback” so far since the products were allowed by the SEC.

As of the time of writing, the asset’s price is sitting at $40,088, indicating an over 5% decline in the past week. Data from CoinMarketCap shows that its market cap and trading volume are also down by 0.35% and 31% respectively.

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Amid the bearish sentiment encompassing the crypto market, XRP has experienced a notable decline to the pivotal $0.51 price, which has led to several predictions from analysts concerning the price action of the token.

Could The Price Of XRP Fall To $0.28?

One of the well-known crypto analysts who has shared a daring prediction regarding the price action of XRP is JD. JD recently took to the social media platform X (formerly Twitter) to share his insights on the crypto asset with the crypto community.

In his projections, the analyst looked at the potential for additional declines in an attempt to forecast where XRP will go next. According to JD, the digital asset might be forming a “hidden bullish divergence” on a weekly basis.

On the weekly period, JD pointed out that XRP has been trapped in a symmetrical triangular pattern since 2021. His chart’s data indicates that the crypto asset is presently moving toward the direction of the triangle’s lower trendline.

JD highlighted an orange box he drew in November of last year, which overlaps the bottom trendline. The analyst also noted that the orange box is situated between Fibonacci 0.618 and 0.786.

The box, according to him, is a desirable level for dollar-cost averaging (DCA) move, and a decline into the box is conceivable. He stated that once XRP hits the box, he intends to open a “buy-the-dip” campaign, “heavily” filling his bags around $0.28 and $0.33.

He also mentioned several other price levels for his personal DCA, such as $0.45, $0.51, and $0.59. This simply suggests that the analyst is confident about the asset in the long run.

The post read:

A wick down the orange box is very possible. (Orange box has been posted since November 2023). My personal DCA: 0.28 – 0.33 (HEAVILY!), 0.45, 0.51, 0.59.

Nonetheless, he has urged the community not to time the bottom and highlighted a signal for investors to buy more XRP. “Don’t time bottom. When ‘Dumb Money’ complains, during the fear, that’s the signal to buy more,” he stated.

Floor Price For The Digital Asset

Even though the entire crypto market is currently experiencing a bearish trend, XRP is one of the most affected assets. The trend is mostly attributed to the waning enthusiasm around the Bitcoin Spot Exchange-Traded Funds (ETFs).

The token has recently experienced severe losses, falling below the $0.55 support level. Due to the trend, analysts are now predicting significant drops in XRP’s valuation in the upcoming days.

Another analyst who has predicted a decline in the price of the asset is XRP Shark. According to the analyst, the token could fall to a price level between $0.35 and $0.45.

He believes that the aforementioned levels are the “bottom area” of the decline. However, XRP Shark has expressed optimism toward the token, while noting a “violent” recovery.

As of the time of writing, XRP was sitting at $0.5129, demonstrating a decline of 10.27% in the past week. Despite the decline, its trading volume is presently up by over 15% in the past 24 hours.

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Amid the excitement encompassing the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), BTC miners have been spotted carrying out an aggressive selling spree leaving the community to ponder on the impact of the sell-off.

Bitcoin Miners Engage In Selling Spree

Well-known cryptocurrency analyst Ali Martinez shared this information with the community on the social media network X (formerly Twitter), noting a “substantial increase in selling activity” from Bitcoin miners lately.

According to data shared by Ali, miners have sold about 10,600 Bitcoin in less than 24 hours. This was valued at an estimated $455.8 million as of the time of the report.

The recent increase in sales by the Bitcoin miners indicates a responsive market. In addition, the sizable amount involved signifies an impactful development in the cryptocurrency landscape.

Several reasons could be traced back to the massive selling spree by these miners. One potential reason could be attributed to the decline in the Bitcoin hash rate, which generally affects the profitability of miners.

BTC miners must make several guesses at a challenging mathematical problem in order to process transactions. A greater hash rate indicates that the miners are carrying out more guesses, suggesting more effort to secure the network. 

The crypto asset’s hash rate saw a notable decrease of 25% during the last weekend. This raises speculations regarding the security of BTC’s network ahead of the much-awaited “Halving.”

It was reported that the total real-time rate from all mining pools decreased from 570 exahashes per second (EH/s) to as low as 425 EH/s. However, the hash rate is currently sitting at 550 exahashes per second (EH/s).

The reduction occurred due to the restrictions placed on businesses’ use of electricity by ERCOT (Electric Reliability Council of Texas) because of unfavorable cold weather.

Interest In BTC Mining From Institutions

Top financial companies have been demonstrating interest in Bitcoin mining companies for a while now. Various financial institutions have made significant investments, which have also helped the mining industries. 

Even those who have historically opposed Bitcoin or have been hostile to it have invested millions of dollars in the industry throughout 2023.

Since August 2023, Blackrock has been a significant stakeholder in four of the five biggest mining companies. The asset manager increased its level of involvement with these firms only during the second half of last year.

As of the time of writing, Bitcoin was trading at $42,710, indicating an over 7% decrease in the past seven days. Its market cap is up slightly by 0.02% in the past 24 hours, while its trading volume is down by 17.17%.

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