Crypto analyst Benjamin Cowen says Bitcoin remains locked in a bearish market structure.
In a new YouTube update, Cowen says BTC has consistently tapped lows in February during prior bear markets, including 2014, 2018, 2022 and now 2026.
But Cowen believes Bitcoin’s rally into March does not signal a trend reversal, and he’ll only change his mind if BTC convincingly closes above the bear market “line in the sand” at $83,000.
“I think it makes the most amount of sense to say that Bitcoin will likely get rejected…
You could argue that as long as Bitcoin is trading below $83,000, nothing’s really changed… this is still just technically a lower high structure.”
Cowen says traders should be cautious, citing seemingly bullish “fake out” behavior in 2022.
“What I think is going to happen in the market is that we will form a lower high and then Bitcoin will just sell off into a lower low.”
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