Cryptocurrency analyst Benjamin Cowen believes that Bitcoin (Bitcoin) is approaching the end of a bear market.
In the new YouTube update, Queen He says Bitcoin will likely be in the third and final phase of the downtrend when BTC begins to form the bottom of the market based on historical precedence.
“My argument now is that we are, in fact, in the third phase of a bear market. And I believe that this phase will last roughly the same length as the first two phases. So, in my opinion, this phase will take us from June 2026 to October 2026, and this is the third phase of a bear market, as it is arguably at this point that the majority of people think it is a bear market.”
In the near term, Cowen believes Bitcoin may revisit the $50,000 range in June before a breakout occurs next month.
“When you look at 2018, you don’t want to go too low (the previous low). You could say $57,000, $58,000 would be good, but you want to see it continue to hold support, maybe move higher, hit a higher low in the short term, and then set you up for a rally in July. So we’ll see where the June low comes.”
Bitcoin is trading at $62,047 at the time of writing, which is flat during the day.
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