Bitcoin Defies Expectations as Weekly Close Takes Center Stage
Bitcoin's recent surge above its May local high has forced analysts to reevaluate their predictions about the market. Benjamin Cowen, founder of Into The Cryptoverse, was among those who had bet on a decline due to rising energy prices and hawkish monetary policy. However, the cryptocurrency has so far shrugged off these headwinds and is now testing the limits of classical macroeconomic models.
Cowen acknowledged that his prediction did not work out and admitted that Bitcoin's price action caught him by surprise. He emphasized that the rally above the May high humbled him and encouraged traders to focus on the upcoming weekly close, which could rewrite the current market cycle.
The analyst noted that if Bitcoin closes the week above the May peak, it would decisively break the bearish structure. However, if momentum fades by the end of the week, the move higher will prove to have been a false breakout. For breakout traders, Cowen emphasized that the weekly candle is worth watching closely.