Benjamin Cowen breaks down Bitcoin’s current structure and argues that despite short-term rallies, the market still behaves like a typical bear cycle.
Key Points
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Bitcoin is following a familiar pattern: rally → pullback → fake recovery → another drop.
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Current price action closely resembles 2014 and 2022 bear markets, not a new bullish cycle.
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Cowen expects another leg down, likely setting a new low before the cycle ends.
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April is historically a weak period, where Bitcoin often sees capitulation.
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Bear markets create false hope rallies, pulling people back in before the next drop.
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The real bottom comes with time-based capitulation, when most investors finally give up.
Final Takeaway
Cowen’s view is simple: this is a standard Bitcoin bear market, and until real capitulation happens, expect more downside and repeated fake rallies.
