Bitcoin looks stable, but Cowen says this is typical before another drop in a bear market.
Key Points
Key Highlights:
- Bear markets fake strength:
Key Highlights:
- Slow rallies, then sharp drops
- Bitcoin likely topped around 97–98K, with 60K now key support
- Midterm year pattern:
Key Highlights:
- February low → March rally → weakness into April/summer
- Current bounce = counter-trend rally, not strength
- Many indicators still point lower:
Key Highlights:
- MVRV not at bottom levels
- Monthly RSI still declining
- Bitcoin vs stocks and gold is still down significantly
- Historically, Bitcoin often drops to or below the 200-week moving average
- Late-cycle macro conditions increase downside risk
Final Takeaway
This likely isn’t the bottom. Another leg down is expected, even if the market looks stable short term.
