The recent rise of Bitcoin in the cryptocurrency market attracts the attention of investors. Benjamin Cowen, founder of the analysis platform Into The Cryptoverse, stated that Bitcoin still moves according to the historical four-year market cycle. Cowen emphasized that the recent rises do not mean that a definitive bottom has been seen in the market.
Cowen: “The bottom has not formed yet”
In his assessment on social media, Cowen reminded that Bitcoin followed the same cycles in previous bull and bear markets, and that peaks and bottoms were generally experienced in line with four-year calendars. He said Bitcoin’s rise last year almost perfectly matched a historically established top.
According to the analyst’s statements; Bitcoin’s previous bear markets ended in December 2018 and November 2022, around the end of the US midterm election years. Cowen argued that the current market’s recent rally is still within cycle limits, similar to these historical examples. Although Bitcoin’s rise to $82,800 gave some investors the impression that the selling pressure had eased, Cowen pointed out that this may not be the beginning of a new uptrend.
“Bitcoin’s four-year cycle is still valid. Price movement follows a similar timing from top to bottom as in previous years. It is too early to consider that we have reached the end of the bear market.”
Cowen also added that Bitcoin is facing resistance around its 200-day simple moving average, with a similar rejection seen at similar technical levels in 2018 and 2022.
Mini dictionary: The 200-day simple moving average (200SMA) is a technical analysis indicator obtained by calculating the average closing price of an asset over the last 200 days. It is often used to determine the direction of a long-term trend. When the price rejects this level, it is considered important resistance.
Difference of opinion continues in the market
Different opinions stand out among analysts about the next direction of Bitcoin. Cowen continued his expectation of a new downward wave and warned that the price could fall below 60 thousand dollars in June. According to him, although the $ 60,000 level in February was considered a bottom by some investors, he is of the opinion that this level is not completely safe in cyclical terms.
On the other hand, another crypto analyst known as Sykodelic drew a more optimistic scenario. Sykodelic claimed that Bitcoin could test the $90,000 mark in June and argued that the current consolidation could lead to a new rise.
This difference of opinion causes investors to watch the 200-day moving average level especially closely. If Bitcoin manages to surpass this level, bullish scenarios may gain strength. Otherwise, as Cowen stated, it is thought that the market will remain under pressure for a while, similar to historical cycles.
| Analyst | Short Term Expectation | Target Levels |
|---|---|---|
| Benjamin Cowen | Drop | Under $60,000 |
| Sykodelic | Rise | over $90,000 |
Bitcoin cycle debate continues
Bitcoin’s price cycle and current market movements are closely watched, especially by institutional investors and those interested in large volume transactions. Analysts continue to evaluate how the price behaves across major moving averages and whether the 4-year cycle is still driving the market.
“Bitcoin’s rise has led to comments among traders that the selling pressure is over, but the cyclical perspective indicates that the final bottom has not yet been seen.”
The market is carefully monitoring how Bitcoin will react at strong support and resistance levels before a possible new bottom. June will be decisive in terms of both the decline predicted by Cowen and the upswing scenarios pointed out by Sykodelic.
