Bitcoin Teeters on $80,000 Threshold Ahead of Jackson Hole Speech

Crypto analyst Benjamin Cowen says Bitcoin's current structure tracks closely to the 2018 bear market analog, raising concerns about a potential deeper fourth-quarter low.

The cryptocurrency is currently testing a critical zone near its 50-week moving average ahead of Kevin Warsh's Jackson Hole speech today, and Cowen notes that the next one to two weeks will determine whether the rally is a true breakout or another bear market fakeout.

In 2018, Bitcoin rallied to the 50-week moving average, briefly faked higher, then sold off into a deeper Q4 bottom, and Cowen warns that this time the path looks similar enough to keep the bearish scenario alive.

Cowen emphasizes that he is not timing the bottom, but rather using his strategy of accumulating Bitcoin in the second half of midterm years to potentially profit from any future rally.