Crypto analyst Benjamin Cowen says it’s too early to say the Bitcoin bear market is over

Crypto analyst Benjamin Cowen stated that despite Bitcoin rising above the $81,280 level, it is still too early to say that the current bear market is over. Cowen noted that the recent increase may not yet represent a definitive change in the market’s long-term trend.

According to Cowen, temporary pullbacks in Bitcoin during a “golden cross” formation have been seen in the past. Therefore, the analyst stated that how the current recovery will unfold is more important than the drop experienced in early September.

Cowen said that Bitcoin surpassing its previous peak and forming a higher peak similar to the price movements seen between 2019 and 2023 could be a positive signal.

In addition, he noted that Bitcoin closing above the 50-week simple moving average (50W SMA) on the weekly chart could signal a weakening of the downtrend.

Conversely, Cowen noted that if Bitcoin encounters resistance at current levels and forms a lower peak below the previous high, the bear market could continue, suggesting a scenario similar to the price movement of 2014-2015.

The analyst’s assessments indicate that it is not yet clear whether the recent recovery in Bitcoin constitutes a lasting trend reversal. In terms of market direction, investors appear to be closely monitoring technical indicators such as previous peaks, the 50-week moving average, and the formation of a new high.

*This is not investment advice.