Bitcoin Defies Expectations, Weekly Close Awaits
Bitcoin's price surge above $83,850 has caught many analysts off guard. According to Benjamin Cowen, founder of Into The Cryptoverse, his bet on a market decline had not worked out as expected.
Cowen anticipated that the combined pressure of rising energy prices, the Federal Reserve's hawkish monetary policy, and surging U.S. Treasury yields would send Bitcoin searching for a new bottom.
However, the cryptocurrency has instead continued to rise, shrugging off these negative factors. Cowen acknowledged this week that he had incorrectly predicted a decline and that Bitcoin had broken through the May local high.
The analyst is now urging traders to focus on the upcoming weekly close, which could rewrite the current market cycle. If Bitcoin closes above the May peak, it would decisively break the bearish structure. However, if momentum fades by the end of the week and the price falls back into the old range, the move higher will prove to be a false breakout.