Crypto analyst Benjamin Cowen says Bitcoin stays locked in a bearish market construction.
In a brand new YouTube replace, Cowen says BTC has constantly tapped lows in February throughout prior bear markets, together with 2014, 2018, 2022 and now 2026.
However Cowen believes Bitcoin’s rally into March doesn’t sign a pattern reversal, and he’ll solely change his thoughts if BTC convincingly closes above the bear market “line within the sand” at $83,000.
“I believe it makes probably the most quantity of sense to say that Bitcoin will possible get rejected…
You might argue that so long as Bitcoin is buying and selling under $83,000, nothing’s actually modified… that is nonetheless simply technically a decrease excessive construction.”
Cowen says merchants needs to be cautious, citing seemingly bullish “pretend out” habits in 2022.
“What I believe goes to occur out there is that we are going to kind a decrease excessive after which Bitcoin will simply unload right into a decrease low.”
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