Prominent crypto analyst Benjamin Cowen has recently suggested that a single event could trigger a significant drop in Ethereum’s (ETH) value relative to Bitcoin (BTC).

According to a report by The Daily Hodl published earlier today, in a recent discussion with Crypto Banter host Ran Neuner, Cowen speculated that the ETH/BTC pair could experience a drop of over 50% from its current value of 0.063 BTC, equivalent to $1,828.

Cowen’s prediction is based on his observation that the ETH/BTC pair appears to form a bearish double-top pattern on the monthly chart. This pattern suggests that investors will likely trade their ETH for BTC during any rally. Cowen described the current situation as a “massive distribution phase,” similar to patterns observed in previous cycles.

Cowen notes that historically the ETH/BTC pair has shown a tendency to decline from June through December. Cowen anticipates a potential drop to as low as 0.03 BTC ($871):

So what I would think is going to happen is that Ether/Bitcoin could plummet to around that 0.03 (BTC) to 0.04 (BTC) level and once the Ethereum/Bitcoin valuation gets there, I think that it could mark the end of the altcoin reckoning.

According to Cowen, the catalyst for this significant ETH/BTC decline could be a retracement in the stock market. He drew parallels with the late 2017 scenario when the ETH/BTC pair dropped to .022 BTC. A second drop to this level in 2018 marked the end of many altcoins’ reckoning. Cowen suggests that a similar pattern could be unfolding now, with a secondary drop to the level of 0.049 BTC potentially on the horizon.

However, Cowen also cautioned that even after reaching this level, the ETH/BTC pair could experience further drops before finding a bottom. He believes that a potential seasonal correction in the S&P 500 could be the trigger for this scenario.

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