Bitcoin Q4 Bearish Calls Challenged: Price Action Defies Expectations, Shaking Market Convictions

Odaily reports that Benjamin Cowen, founder of ITC Crypto, has questioned the bearish outlook on Bitcoin for Q4. He noted that from a technical perspective, current market trends favor the bulls, with the gap between BTC's price and its May high now less than 1%, making it difficult to draw conclusions about the market's direction before entering Q4.

Benjamin Cowen further pointed out that historically, when BTC breaks above the 50-week moving average — as seen in 2019 and 2023 — it typically rises 20% to 30% within 1 to 2 weeks. However, this cycle's move has been notably more moderate, possibly influenced by seasonal factors and rising US Treasury yields. Meanwhile, Bitcoin has continued to demonstrate resilience, warranting a reassessment of the bearish thesis for Q4.