After accurately forecasting a drop in the ADA/BTC trading pair, Cowen has received backlash from Cardano supporters who believe his prediction had a direct impact on the asset’s downturn.

In August 2023, Cowen, founder of ITC Crypto, projected that Cardano would experience a significant decrease in its value relative to Bitcoin, with a target of 400 SATS.

This prediction came true by October, with the ADA/BTC pair trading at 490 SATS ($0.0000049) and dropping further to around 481 SATS as of the latest market data.

This successful forecast has led to criticism from some ADA advocates, who assert that his commentary contributed to the cryptocurrency’s price weakness.

Backlash from the Cardano Community

Following the fulfillment of his prediction, Cowen discussed his forecast on social media platform X, alongside Altcoin Daily, emphasizing the accuracy of his analysis.

However, his comments attracted criticism from ADA supporters, with some accusing him of “shilling” a negative outlook on Cardano to his large following, thereby influencing investor sentiment and contributing to the asset’s decline.

One prominent critic, an X user named “cardano whale,” suggested Cowen was “part of the machine” pushing Cardano to lower levels.

In response, Cowen shared a screenshot of the criticism on his account, where the user argued that Cowen’s sizable following—nearing 1 million on X and supported by a substantial YouTube presence—could have amplified bearish sentiment around ADA.

The critic expressed concern that Cowen’s influence might have driven retail investors to react negatively toward the asset, accelerating its decline.

Cowen Responds to Accusations

Cowen defended his position, arguing that his market commentary alone could not drive an asset’s price down. He highlighted that the cryptocurrency market is dynamic, with price movements influenced by complex factors beyond individual predictions.

Cowen suggested that blaming analysts for market performance overlooks the inherent volatility and unpredictability of digital assets, especially in the current market environment.

Addressing his critics, Cowen asserted that speculative analysis often involves successes and missteps, and analysts are expected to acknowledge both. He further emphasized the importance of investor responsibility, urging market participants to conduct independent research rather than relying solely on the perspectives of influencers and analysts.

Despite Cowen’s defense, some community members continued to voice concerns over the influence of notable figures on the market. One user suggested that analysts with substantial followings could inadvertently shape investment behaviors, particularly among inexperienced traders.

Cowen responded that although he has a large audience, he does not always make accurate predictions and has sometimes been incorrect. He argued that the notion of his analysis directly affecting ADA’s price trajectory is flawed.

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Broader Market Conditions and Cardano’s Recent Performance

The Cardano community has faced increased scrutiny as ADA’s value has declined in line with a broader market correction. As of the latest trading session, ADA was priced at $0.3311, marking a 4.61% drop over the past week and a 5.18% decline month-over-month.

Analysts note that the asset’s decline is partly general market sentiment reflection and macroeconomic conditions that continue to impact cryptocurrency prices.

Amid this downturn, some ADA proponents shared stories of similar encounters with the “Cardano whale” influencer, who has been vocal in defending the project and criticizing bearish analyses. One user reported being similarly scrutinized by the influencer after publishing a bearish take on ADA, even noting that he was blocked for his perspective.

Implications for Analysts and the Community

The exchange highlights an ongoing debate in the crypto community about the role of analysts and influencers in shaping market trends.

While Cowen insists that his analysis does not hold sufficient power to alter asset prices, some investors argue that market sentiment is increasingly influenced by commentary from high-profile figures, especially those with extensive followings. Ultimately, Cowen’s defense underscores the unpredictability inherent in the cryptocurrency market.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Benjamin Cowen, the founder and CEO of Into the Cryptoverse and a veteran market analyst, has shared his perspective on XRP’s performance in a post on X.

Read Also: Ripple Moves Millions of XRP To ODL Partner, Igniting Concerns Amidst Falling Prices

Captioning a chart showing the XRP declines, he pointed out that XRP had “retraced the move” that came after the court ruling, dropping back to its initial support level. He thereby pointed out that narratives don’t drive the market but Liquidity does.

$XRP has retraced the entirety of the move that came after the SEC vs. Ripple case.

Narratives do not drive the market, liquidity does. pic.twitter.com/8295jFRdHB

— Benjamin Cowen (@intocryptoverse) September 11, 2023

Narratives and the Market Trends

Cowen’s challenge of the idea that narratives alone can sustainably influence XRP’s price is hard to refute in this case. Although the lawsuit victory had a major impact on XRP, the impact was limited and didn’t do much to affect the long-term price trends.

The return to the price level before the lawsuit verdict is the clearest indicator of this argument. XRP erasing all the progress made in just a matter of months proves that the enthusiasm that comes from “narratives” is only short-lived. According to Cowen, liquidity is the key driver of the market.

XRP Community’s Response

Yassin Mobarak, founder of Dizer Capital and another prominent figure in the XRP community disagreed with Cowen. He replied, pointing out that the whole market is currently down, including Bitcoin (BTC) and Ethereum (ETH).

In response, Cowen pointed out that he had also predicted that BTC and ETH would drop.

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Read Also: The SEC Accuses Ripple of Tactically Prolonging Lawsuit to Continue Selling XRP, Deaton Reacts

Mobarak replied stating that value isn’t currently reflected in the asset prices. He hopes that with the next bull run, investors will be mature enough so that value can be reflected in prices.

Cowen stated that this exact reasoning is why liquidity is more important but Mobarak pointed out that liquidity comes from demand. This demand in turn comes from a digital asset that has real-world use.

Cowen made the point that XRP wouldn’t have dropped if the utility was all that mattered, implying that XRP had real-world use but still fell back after its surge.

However, Mobarak stated, “The utility of XRP  is not yet at real-world scale in terms of usage in  global cross-border payments.” According to him, when it did, its value would match the price. This back-and-forth is a glimpse into the debate this post sparked among the XRP community.

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Cowen, who boasts an impressive 784,000 YouTube subscribers, suggests in a recent strategic session that Solana might face some challenging times ahead, ultimately leading to a significant turnaround.

Unlike other altcoins, Cowen highlights Solana’s resilience, attributing it to the substantial capitulation the coin experienced towards the end of 2022. Drawing parallels to Cardano’s (ADA) historical price patterns in 2019, Cowen points out that trends could repeat themselves.

Read Also: Brian Armstrong: SEC Advised Coinbase to Delist Shiba Inu, Cardano, Solana, and 200+ Altcoins

Speculating on SOL’s future, Cowen proposes the possibility of the coin sweeping even lower than its current trendline of around $16.50, potentially reaching the $11 mark. While this may seem bearish at first glance, Cowen recalls that Cardano followed a similar trajectory during the previous cycle, eventually surging after sweeping its lows.

Cowen’s sentiment implies a potential scenario where altcoins, including Solana (SOL), could retrace and revisit their previous lows. Such a retracement might even occur shortly before the halving event, maximizing the element of surprise.

At the time of writing, SOL is valued at $24.39, with little or no price change in the past 24 hours. As the 10th-ranked crypto asset by market capitalization, Solana continues to garner attention from traders and investors alike.

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Solana’s Resilience Amidst Market Turbulence

Despite the volatility present in the crypto market, Solana has managed to remain resilient, largely due to its previous heavy capitulation towards the end of 2022. This resilience sets Solana apart from other altcoins, providing a glimmer of hope for its potential turnaround in the near future.

Cowen draws compelling parallels between Solana’s current price trajectory and Cardano’s journey in 2019. ADA experienced a similar sequence of events, including a significant capitulation phase followed by both a high and low sweep. These trends culminated in Cardano’s sustained momentum, offering an optimistic outlook for SOL.

Read Also: Here’s Why Anatoly Yakovenko Says Solana (SOL) Can Handle Hundreds of Millions of Users

Speculation on Potential Price Retracement

Based on historical patterns, Cowen speculates that SOL could potentially retrace and sweep its lows, potentially dropping below its current trendline of approximately $16.50 and nearing the $11 mark. This possibility, although seemingly bearish, aligns with the previous cycle Cardano underwent before its notable surge.

An Upward Turnaround on the Horizon

Cowen’s analysis suggests that the altcoin market, including Solana (SOL), might experience a retracement before embarking on a more sustained upward trajectory. Based on his observations, this turnaround could manifest shortly before the halving event, offering substantial opportunities for traders and investors.

Solana’s current trading value reflects its positive sentiment in the market, with a notable 5% increase in the past 24 hours. Ranked 10th by market capitalization, SOL continues to captivate the attention of crypto enthusiasts due to its potential for growth.

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In a recent strategy session, Cowen highlighted the struggle Cardano faced during the second half of 2019 when the altcoin’s market structure witnessed continuous new lows.

The analyst explained that the latter part of 2019 was particularly challenging for Cardano, as the altcoin market slowly bled out without much excitement. Despite occasional price pumps during that period, they were ultimately short-lived and resulted in further declines for ADA.

Read Also: Cardano Creator Hoskinson Provides Update On ADA Security Concerns, Ripple CTO Shows Support

For example, the analyst pointed out that ADA experienced a 41% increase in 2019 from $0.035 to $0.050, and another 40% increase from $0.041 to $0.058. However, these pumps were unable to sustain upward momentum.

Cardano (ADA) 2023 Rally and Dip Below Bull Market Support

Drawing parallels to the present, Cowen noted that ADA experienced a similar rally in 2023, forming double-top patterns and subsequently dipping below the bull market support band.

The bull market support band is a technical indicator formed by the combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

The analyst mentioned that despite ADA reaching new lows at $0.077 before seeing a rally, it still faded and fell to $0.017. He compared the 2023 market cycle to the 2019 cycle, while Cardano also saw a low point in 2018 at $0.028 and experienced a pump in 2019.

Cowen further highlighted the similarities, such as the formation of double tops and going below the bull market support band, suggesting that the current cycle might play out similarly to the previous one.

Monitoring ADA/BTC Performance

Furthermore, Cowen emphasized the importance of monitoring ADA’s performance against Bitcoin (ADA/BTC). He pointed out that in the previous market cycle, ADA didn’t reach its bottom against Bitcoin until the third quarter of 2019, and it remained at those lows for about six months before starting a rally. He speculated that a similar scenario could unfold in the current market cycle.

Read Also: Australian-Based Lawyer: Classifying Cardano (ADA) as a Security is a “Regulatory Conspiracy”

The analyst warned that ADA has not yet convincingly found a level where it is holding lows against Bitcoin, reinforcing his concerns about Cardano (ADA) future performance.

Cardano (ADA) in the Market

At press time, ADA is trading at $0.30, with little or no change in price in the last 24 hours.

In conclusion, the analyst has issued a warning about Cardano, noting its similarities to the 2019 downward pattern. He speculates that ADA might find its bottom against Bitcoin in the third quarter of 2023, considering the resemblance to the previous market cycle. Following Cowen’s warning, traders and investors will keenly observe how the market unfolds for Cardano in the coming months.

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In a recent strategic session, Cowen told his teeming subscribers on YouTube that ETH, the native token of the largest smart contracts platform, has been trading between $2,000 and $4,000 price levels for relatively a year.

Read Also: Ethereum User Loses Over $500,000 Forever after Sending ETH to Wrapped Ether (WETH) Contract

The analyst believes that the period of consolidation is bullish for the trend of the digital currency. He added that he believes that Ethereum is currently replicating its 2016 price action when ETH traded sideways for relatively one year before exploding to new price all-time highs.

The strategist further stated that if Ethereum could follow its 2016-2017 market trend, ETH will possibly record new all-time highs by the middle of the year.

Benjamin Cowen noted:

“What I do think is that Ethereum is unlikely to spend a year or more between $2,000 to $4,000 just to throw it all away.”

“Ethereum is theoretically in this sort of move where you have an impulsive move off of the bear market bottom. You have some type of impulsive move there, and then you go sideways for the better part of a year, and then you can ultimately break out to the upside…

Read Also: The Term Ethereum 2.0 (ETH 2.0) Has Been Phased Out In Favor Of “Consensus Layer”

“I want people to not look at this fractal with the idea that it has to play out, but look at it with the same lens that retail investors felt the exact same way as we did right now once upon a time. The emotions were the same. The prices were different, but the emotions were the same.

What I’m looking for: follow the fractal until it breaks. What happens is we consolidate for a little bit and then just start pushing higher and if it were to continue to play out, then maybe we are looking at new all-time highs by May, by June, by July, something like that.”

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According to Cowen in a new strategic session shared with his teeming YouTube subscribers, Ethereum (ETH) has been in a strong uptrend since March 2020.

Read Also: Ethereum Surges to New All-Time High after CME Launched Micro ETH Futures

Going by the chart captioned by the trader, Ethereum has been on a steady ascent following an uptrend line from a low of $86 in March 2020 to its current price of relatively $4,700. The trader believes that Ethereum gained more than 5,365% in less than 2 years.

During the strategic session, Cowen stated that he believes Ethereum’s current uptrend will extend into 2022, pinpointing several fundamentals that could push the price of ETH to higher highs.

Benjamin Cowen noted:

“If you zoom out on Ethereum, look at what it’s done over the last 18 months or so, more than 18 months. It basically has just been going up with time.

Read Also: Shiba Inu Tokens Burned by Ethereum’s Vitalik Buterin Five Months Ago Would Now be worth $27.8 Billion

“I still stand by that going into 2022 should still be relatively bullish for Ethereum, especially with The Merge and whatnot coming up. I would also assume that some of the stuff we’ll be speculating on in 2022 would be things like a futures ETF (exchange-traded fund) for Ethereum, more institutional investors coming in the space.”

The Obvious Target: $6,571

As for Ethereum against Bitcoin (ETH/BTC), the trader outlined what he thinks could be the next crucial milestone for the trading pair. He added that he believes Ethereum will keep outperforming other altcoins in a long-term timeframe:

“I think the obvious target would be to first break the prior local high and then to get to a valuation of 0.1 BTC ($6,571). That would be significant. What would 0.1 BTC mean? It’s just 10% of Bitcoin… So if Bitcoin is at $61,000, it means ETH/USD is at $6,100… That would be a key milestone.

Read Also: Ethereum’s Vitalik Buterin Clears Wallet off Dog Cryptos Worth $4.3 Million

“At the end of the day, Ethereum is an absolute beast. And you wonder why so many altcoins bleed against Ethereum. Look, this is what altcoins would have to keep pace with. A lot of them aren’t simply keeping pace with it. And this pace, this pace that Ethereum’s on is likely not stopping anytime soon. That’s the point.”

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In a new strategic session first reported by Daily Hodl, Cowen noted that Cardano (ADA) has already pulled off a relatively 11,000% gain since the low recorded in March 2020. He stated that the digital token needs time to cool off before it could start printing more notable rallies.

Read Also: A New Ethereum to Cardano Bridge Launches to Provide NFT Creators with Eco-Friendly Options

Cowen considers a more bearish case where ADA falls through the “bull market support band,” which is a combination of the 20-week simple moving average (SMA), and the 21-week exponential moving average (EMA).

According to the trader, should Cardano collapse below the bull market support band, currently around $1.90, Cowen says that ADA would probably just enter a longer accumulation phase before going higher.

Benjamin Cowen noted:

“It’s a pretty big gain by ADA, so I think it makes sense to consolidate for a while and wait until the ecosystem is actually being utilized. Until then, until that actually happens, I would speculate we’re more or less going to be in some consolidation phase.

Read Also: Charles Hoskinson: Lots of New Technologies Will Be rolled out on Cardano in the Next 3 to 9 Months

Could we get a breakout back to $2.50 or $2.25? Sure, I think that can always happen, but I’m not speculating dubiously myself on a new all-time high at least for another month or so… And it could be longer than that.”

“Hopefully it breaks out to the upside if Bitcoin stays relatively bullish. So that would be the ideal case. Even if we do not hold the bull market support band, I still think it’s fine. I just think we would be in a long reaccumulation, and hopefully, we would still break out to the upside.”

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In a new strategic video first published by Daily Hodl, Cowen told his teeming YouTube subscribers that he looks forward to seeing a sideways trend in the market after Cardano (ADA) made a notable rise from its 2020 low of just $0.02 to its current price.

Read Also: Top Analyst Says Cardano (ADA) Has Bottomed Out and Ready for New Significant Uptrend

As to when the next breakout will start, Cowen said he expects Cardano (ADA) to make its move sometime between mid-November and mid-March.

Before Cardano (ADA) can print another rally, Cowen stresses that Bitcoin (BTC) needs to keep holding the line on the 20-week moving average.

Following the same trend of November 2020, Cowen speculates that November could be the month that Cardano breaks out.

Benjamin Cowen noted:

“This is sort of what we speculated was going to happen with ADA after a crazy move up. And the idea that the cycle is gonna take even longer, [it] makes sense to get a long consolidation phase. You don’t go from $0.02 to $2.00 and then continue higher, usually, without proving to the market that $2.00 can be held.”

Read Also: Coin Bureau Host: Cardano To Trigger Largest Explosion in Crypto innovation Since Ethereum Launch in 2015

 “When I think about how long could this long re-accumulation phase last, if I had to dubiously speculate, I would say the move to a new paradigm shift in what it means to hold 1 ADA would probably start somewhere in this region. Somewhere between mid-November until mid-March.”

 “If you go look at what happened last year, ADA broke out from the bull market support band in mid-to-late November… So we may dubiously speculate, the best-case scenario, if Bitcoin does continue to rally after holding the 20-week moving average, then maybe mid-November is the time, the earliest we could see a rally take place.”

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According to Cowen in a new strategic session, the activation of smart contracts functionality on Cardano has the potential to push the price of the third-largest cryptocurrency by market cap, ADA, to a new all-time high.

Read Also: Cardano Gains Over 200,000 Wallets in Just Three Months; 71% of ADA Supply Now Staked

The crypto analyst also highlighted how Cardano (ADA) could replicate Ethereum (ETH) in terms of growth and expansion in the smart contracts ecosystem.

Benjamin Cowen noted:

“A lot of ETH is getting eaten up on all these different platforms, of people that are actually utilizing Ether: NFTs (non-fungible tokens), DeFi (decentralized finance).

“There’s just so many various applications right now, so many dApps that people are using for Ether, and arguably that’s contributed to the high market capitalization.

“Cardano does not really have that effect yet. It does not have that same level of network effect now. Obviously, we hope it can grow into that.

Read Also: Binance Announces Support for Cardano’s Alonzo Mainnet Launch

“None of us, I don’t think, are claiming that Cardano’s ecosystem is currently bigger than Ethereum’s, but I do think that Cardano will grow with time, and I do think that as more utility is actually built out on the platform, that this will have a positive impact on the price.”

Cardano (ADA) Against Ethereum (ETH) Pair

Cowen further stated that ADA/ETH pair still has a long way to go before it could reach a new all-time high. He thinks another 68% move could take the pair to its new ATH:

“For ADA to reach a new all-time high against Ethereum, it would need to rally… another 68% move or so. A 68% move by ADA for a constant Ether would actually put it closer to $4.50. Now, do I anticipate ADA going to $4.50 this month or next month? Probably not, to be completely honest, but I do think we will eventually make it there.”

The trader added that Cardano (ADA) is currently in a large reaccumulation phase that ranges between $1 and $3. Howbeit, he is of the opinion that the activation of smart contracts functionality on Cardano could ignite ADA price break out.

Read Also: Cardano Public Testnet Set To Hardfork into Alonzo Era Today. What Does This Mean? Details

Considering Cowen’s illustration, ADA could soon test $7, which represents a relatively 290% surge from current prices:

“Whatever this ends up being, I’m just speculating that it’s a long reaccumulation window, and that we will ultimately blast out of it to a new milestone.”

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It can be recalled that over the past few days, Cardano (ADA) has been the best performer among the top 5 cryptocurrencies. The digital currency is also the first to record a new all-time high since May.

Read Also: Cardano (ADA) Finally Makes The Much-Awaited Debut In Japan. Why Is This Important?

In a new video first reported by Daily Hodl, Cowen stated that the performance of Cardano (ADA) in the future relies massively on the trend of Bitcoin (BTC) in the market.

According to the crypto strategist, Bitcoin (BTC) staying above its 20-week moving average, which is currently around $42,500, will give Cardano (ADA) more room to keep surging.

Cowen added that ADA might not experience any notable pullback before continuing the rally. He said $3 and $4 are still on the cards for the cryptocurrency in the coming days or weeks even if Bitcoin and other digital currencies fail to print positive trends.

Read Also: Lark Davis: Cardano (ADA) Can Surge 25x to Equal Apple Market Cap, But 100x Is Unlikely This Decade

Benjamin Cowen noted:

“Is ADA likely to hit $3.00? The answer to that question likely is just if Bitcoin stays above the 20-week [moving average], it lies with that answer. If Bitcoin is able to stay above the 20-week for just…

“A day or two, definitely the next few weeks it seems very likely that ADA is going to blast through the $3.00 milestone. I ultimately do see ADA trending much higher than $3.00 this market cycle but we do have to take it one milestone at a time… 

“Remember, Bitcoin doesn’t even have to hang out at these levels for very long. As long as it just doesn’t go parabolic and as long as it doesn’t go back down below the 20-week moving average, there is a high probability that ADA will cross the $3 milestone relatively soon.

Read Also: I Would Have Become a Millionaire If Had Invested In Cardano (ADA) Instead of XRP –Investor Laments

“Does it need to pull back now? Hell no, it doesn’t. $3.00, I think $3.00 is certainly possible as long as Bitcoin holds these levels. Even $4.00 is possible I think, as long as Bitcoin holds these levels.

“To go much further beyond that, I do believe that Bitcoin would need to probably put in all-time highs, but at this point, I think that a $3.00 ADA is possible, even a $4.00 ADA is possible at this rate, especially if our contention is that it can stay strong for the next two and half weeks.”

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