Cowen's Bear Thesis Invalidated as Bitcoin Breaks Above $84,000

Prominent analyst Benjamin Cowen's bear thesis for Bitcoin has been invalidated after the cryptocurrency broke above $84,000 on Tuesday morning.

This move is significant because it means that the 50-week moving average has been crossed, historically signaling the end of a bear market.

Cowen had previously expected Bitcoin to rally during the summer before weakening into Q4, in line with the traditional four-year cycle. However, instead of following this pattern, Bitcoin made a higher high, suggesting that it may be more likely for the cryptocurrency to establish a new low rather than plummet to fresh lows.

Cowen acknowledged that several macro developments he expected have materialized without derailing Bitcoin, including rising energy prices and a stronger dollar. He emphasized that traders should respond to Bitcoin's price action rather than trying to force the chart to fit their thesis.