Bitcoin Surge Not Enough: Analyst Says Bear Market Remains Uncertain

Crypto analyst Benjamin Cowen believes that despite Bitcoin's recent surge above $81,280, it is still too early to confirm an end to the current bear market.

Cowen pointed out that temporary pullbacks during a 'golden cross' formation have occurred in the past. The key question now is how this recovery will unfold compared to previous market movements.

If Bitcoin surpasses its previous peak and forms a higher high similar to price movements seen between 2019 and 2023, it could be a positive sign. Additionally, closing above the 50-week simple moving average (50W SMA) on the weekly chart may signal a weakening of the downtrend.

However, if Bitcoin encounters resistance at current levels and forms a lower peak below the previous high, the bear market could continue, suggesting a scenario similar to the price movement between 2014-2015.