Cowen Concedes Rate-Hike Thesis Was 'Not Rooted in Data'

Crypto analyst Benjamin Cowen has admitted that his bearish rate-hike thesis on Bitcoin BTCUSD was not supported by data.

In a YouTube video, Cowen explained that he had expected rising energy prices to push yields higher, forcing the Fed to hike in September and strengthening the dollar, ultimately dragging Bitcoin lower.

However, this did not happen. Instead of falling, Bitcoin rallied alongside the dollar's climb.

Cowen pointed out a divergence from his prior pattern: in May, a similar dollar double-bottom had corresponded with a Bitcoin local top, but this time, Bitcoin followed the dollar higher instead of dropping.