A widely followed crypto analyst and trader says Bitcoin (BTC) is officially in a bear market.
With BTC currently trading for $87,138, down 4% in the last month, crypto trader Benjamin Cowen tells his 970,000 YouTube subscribers that BTC is likely to fall further in 2026.
“What I think makes the most amount of sense is for Bitcoin to drop into the in sort of like early 2026, rally back up to the bull market support band and then back down to the 200 week moving average and then consolidate there. Maybe you go a little bit lower in October because a lot of the bare markets do last about a year and then hopefully we can get back on track. That’s what I think makes the most amount of sense right now.
You can see that even back then Bitcoin did have a breakout after about 6 months. Yes, we had the pandemic induced recession, but I mean we we came right out of it as well. That’s where I am with the markets.”
According to the analyst, BTC currently has similar market conditions to major bear markets of the past. However, Cowen advises against panic.
“When I look at this market cycle, when I look at the current market conditions, do I say it’s a bear market like 2022, 2018, 2014? Technically, if the foyer cycle remains intact, we can’t ignore it. But because we topped on apathy rather than euphoria, I have to defer to the 2019 bear because this is the only current bare market that we’re actually below, right? I mean, if you look at all the others, we’re still well above them. And there was no major panic, right? No major panic.”
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