Cowen's Midterm Cycle Thesis Proves Strong as Bitcoin Awaits Q4

Benjamin Cowen's midterm cycle thesis is holding up as Bitcoin (BTC) has yet to retest its July low of over seven weeks ago. Despite initially calling for followers to sit out Bitcoin entirely, Cowen made his call in public and real-time, drawing skepticism at the time.

Cowen notes that he called for accumulation to begin on July 1st, which seems to have been confirmed by the recent rally. However, he still puts a 'decent chance' on one more leg down in the fourth quarter, with a floor near $44,000 if prior midterm years repeat.

Cowen's thesis is based on patterns from prior cycles, including 2014, 2018, and 2022. He points to a possible dip to watch for in late October, but emphasizes that this scenario is not make-or-break for his outlook.