Bitcoin's Narrow Range May Signal Larger Move Ahead

Crypto analyst Benjamin Cowen warns that Bitcoin's narrow range could be a precursor to a larger move, potentially breaking lower before the cycle bottoms.

Cowen points out that Bitcoin is being squeezed between its 200-week moving average and the bear market resistance band, creating a narrowing range that will eventually force a larger move. He notes that his base case remains bearish in the near term.

The analyst expects Bitcoin could break lower before the cycle bottoms, potentially alongside a stock-market correction later in September. He also highlights historically low volatility as one reason traders should not become complacent.

Cowen sees similarities between Bitcoin's 2026 structure and the 2018 bear market, both featuring a February low, a lower high in May, and another downside move during the summer.