Benjamin Cowen rethinks Q4 bearish BTC view as price shows resilience

Cryptocurrency analyst Benjamin Cowen said on X that Bitcoin closing above its May high is a technically positive sign for the bullish trend. Cowen said BTC rose 20% to 30% within one to two weeks after moving above its 50-week moving average in 2019 and 2023, but the gain has been relatively smaller this time. He said seasonal weakness concerns and rising bond yields are weighing on long-duration assets, including cryptocurrencies. Cowen added that while he had expected BTC to turn weak as the fourth quarter began, it has so far been more resilient than expected, prompting him to revisit that outlook. He said past fourth-quarter weakness was preceded by signs of decline before the quarter began, but no clear signal has emerged this time, and the outlook may need to be adjusted flexibly depending on market conditions.