Bitcoin Breaks Bear Thesis Barrier, What Does It Mean for the Market?

Bitcoin has broken above its May high of $82,800, invalidating part of prominent analyst Benjamin Cowen's bear thesis. According to Cowen, a higher high typically signals the end of a bear market in BTC.

Cowen told the Bankless podcast that he expected Bitcoin to rally during the summer before weakening into Q4. However, instead of this happening, Bitcoin has made a higher high and crossed its 50-week moving average.

Cowen acknowledged that several macro developments have materialized without derailing Bitcoin, including rising bond yields, a stronger dollar, and higher energy prices. He noted that these headwinds haven't stopped Bitcoin's rally, and that traders should respond to the price action rather than forcing the chart to fit their thesis.