Widely followed analyst Benjamin Cowen is issuing a warning on Cardano (ADA) as the Ethereum (ETH) rival rallies.
In a new video, Cowen tells his 822,000 YouTube subscribers that ADA could suddenly turn bearish against Bitcoin (ADA/BTC) on the weekly timeframe, similar to what happened in December 2020.
“It’s probably not going to matter in a year, but there is still a chance that [ADA] gets one more flush on its Bitcoin pair. But if it does get one more flush on its Bitcoin pair, I would say that that’s probably the last one for the cycle, is what my guess would be.”
Cowen says that Bitcoin’s dominance level (BTC.D) – the ratio between the market cap of BTC versus the market cap of all crypto assets combined – may extend higher next month.
“Basically, I would take my Bitcoin dominance view and relate that to a lot of the alt/Bitcoin pairs. Bitcoin dominance, it’s possible that it’s topped, but there’s also room for it to go higher in December if it wants to. So with ADA/Bitcoin, it’s possible that it’s bottomed, but there’s also a chance that it just goes lower into December like it did in December of 2020, where it gets a big rally up, and then it just comes right back down once again. And then in the post-halving year, it goes up. There is a chance that that happens. That’s all I have to say about ADA. Obviously, it’s up a good bit more on its USD pair.”
Bitcon’s dominance level is currently sitting at 60.58% while ADA/BTC is trading for 0.00000643 BTC ($0.57) at time of writing, down 7.6% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
