Previously Bearish Analyst Softens Stance: Sets Date for Bitcoin Bottom

Renowned cryptocurrency analyst Benjamin Cowen, in his latest broadcast, provided a detailed analysis of Bitcoin’s ($BTC) price movements, macroeconomic factors, and the future of the market. Cowen stated that Bitcoin may have reached its summer low, but warned investors that some corrections are still on the horizon.

Cowen pointed out similarities between Bitcoin’s price chart in 2026 and 2018. Reminding that both years are midterm election years, the analyst stated, “In early summer of 2018, the low we saw was around $5,700. In 2026, coincidentally, this figure is exactly ten times higher, at $57,000,” arguing that historical cycles repeat themselves.

Cowen welcomed $BTC’s strong rebound above $61,000 after falling to $57,000, stating that there is a high probability that an early summer bottom has been reached. However, he warned investors against complacency, saying:

“I don’t think the bear market is completely over. We have a critical 200-day moving average to overcome. We were rejected by this average in May 2018, just like we might be in May 2026.”

Cowen stated that he expects some further weakening in the market later in the year, predicting that this decline will stem from a potential correction in the stock markets rather than the cryptocurrency market. According to Cowen, a pullback in stocks will also drag Bitcoin down, and the true bottom of the market cycle will occur during this process.

The analyst also made a prediction regarding the timing, expecting the actual market bottom to occur at the end of September, in October, or in the last quarter (Q4) of the year.

Commenting on the trajectory of the US dollar, the analyst expects the dollar index to continue rising, albeit reluctantly, until the end of the year. According to Cowen, this will create pressure (headwinds) on cryptocurrencies for the next 3-4 months. However, once the dollar reaches its peak and halts its climb, the real bull scenario for Bitcoin will be triggered next year.

*This is not investment advice.