Ben Cowen Says Bitcoin Has 65% Chance of Extending Bear Market, Watching $53,000

Benjamin Cowen, founder of Into The Cryptoverse, says there is a 65% chance Bitcoin's (BTC) cycle low still lies ahead. That keeps his bear market thesis alive despite a sharp summer rally.

Cowen made the comment in a video interview. He pointed to Bitcoin's realized price near $53,000 as the level bears still need to test before calling the bottom.

Why Cowen Still Leans Bearish

Bitcoin traded near $78,300 at publication time, down 1.7% over the past 24 hours, according to BeInCrypto data. Cowen made his comments after Bitcoin had already rallied roughly 40% off its summer low.

Cowen said that rally alone does not confirm a bottom. He noted Bitcoin posted similar or larger bounces in 2018 and 2022. It still fell again in the fourth quarter of each midterm year.

Cowen said assuming the pattern breaks this time would repeat a mistake traders made in prior cycles. He added that holds even if his current call ends up wrong.

"I would say it's probably 65% chance the low occurs in the future and 35% chance it's behind us."

… Continue reading the full article at the original source below.