Bitcoin's Next 60 Days: Will Late September Be a Bottoming Window?
Crypto analyst Benjamin Cowen believes Bitcoin's next 60 days are crucial in determining how the current bear market plays out. According to historical seasonality and previous market cycles, late September through November could be a potential bottoming window.
Cowen pointed out that August and September are historically difficult months for Bitcoin, particularly during U.S. midterm election years. In 2018 and 2022, the crypto king posted losses in May and June, recovered in July, and then turned lower again in August and September. Cowen noted that across midterm years, Bitcoin has historically declined roughly 10%-11% on average in August and about 8% in September.
He estimated that a similar decline from current levels could initially push Bitcoin toward $56,000, with additional weakness potentially taking it into the low-$50,000 range. However, Cowen stressed that seasonality is not guaranteed and estimated such patterns work roughly 70% of the time.