Bitcoin's Monthly Closes Keep Climbing as Analyst Shifts Burden to Bears

Bitcoin has been on a steady climb since June, closing each month higher than the last, according to data from Koyfin. Despite still being below its October 1, 2025 level, the cryptocurrency's rise has been consistent, with a notable break above its May high. Analyst Ben Cowen believes that this shift has put the burden of proof on the bears, stating that the setup matches how past bear markets ended.

Cowen also suggests that the cycle low may have come in July, which would be the earliest that it has occurred. He notes that lows in past cycles usually came in the fourth quarter, but this time it may have been earlier. The analyst's view marks a sharp reversal from earlier this year, when he didn't think Bitcoin would take out the May high.

Despite the optimistic outlook, Cowen cautions that a stock market correction could still pull Bitcoin lower. However, he doesn't think it would make a new low, even if it drops from the $85,000 to $90,000 range. The analyst's biggest regret is that he only bought Bitcoin for a few days, missing out on the rally.