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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.
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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 losses 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.
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