Bitcoin Defies Expectations, Closing Higher Every Month Since June
Bitcoin has been on a tear since June, closing higher every month, and analyst Ben Cowen believes the burden of proof has shifted to the bears. According to data from Koyfin, the cryptocurrency has been rising steadily since its June low, with its lowest month-end coming on June 30, when it closed 48.85% below its October 1, 2025 level. Since then, the month-end has been higher, with July closing 45.13% below, August 31.21% below, and September 27.05% below. Cowen, who changed his stance on Bitcoin, believes the setup matches how past bear markets ended and that this has never failed for Bitcoin.
Cowen said that he 'certainly didn't think' Bitcoin would take out its May high this year, but it has now broken above it. He noted that the move is similar to how past cycles turned, and that he doesn't think such a setup has ever failed for Bitcoin. The analyst also mentioned that he had assumed a chain of events would drag Bitcoin lower, but instead it rallied 'despite a stronger dollar, right, and despite stronger yields.'
Despite the bullish trend, Cowen did not rule out a pullback, noting that a stock market correction could still pull Bitcoin lower. However, he emphasized that in several past midterm years, stock market corrections began around late September, and that Bitcoin could fall without making a new low.