Bitcoin Q4 Bearish Outlook Faces Growing Skepticism Amid Favorable Market Conditions
TechFlow reports that Benjamin Cowen, founder of ITC Crypto, is questioning the bearish thesis for Bitcoin in Q4. Currently, market conditions are favorable for bulls as the gap between BTC's current price and its May high narrows to under 1%. This makes it premature to conclude the market's direction before the fourth quarter begins.
Cowen notes that historically, following a break above the 50-week moving average, as observed in 2019 and 2023, Bitcoin typically rallies 20% to 30% within one to two weeks. However, this cycle's move has been notably more muted, likely due to seasonal effects and rising U.S. Treasury yields.
Cowen emphasizes that coupled with Bitcoin's persistent resilience, the fourth-quarter bearish view warrants reevaluation.