Cryptocurrency analyst Benjamin Cowen assessed via X that “Bitcoin (BTC) closing above its May high is a technically positive sign for a bullish trend.” He stated, “In 2019 and 2023, BTC surged by 20-30% within 1-2 weeks after crossing the 50-week moving average, but this time the increase has been relatively small. Seasonal bearish concerns and rising bond yields are weighing on long-duration assets, including cryptocurrencies. Initially, I expected BTC to show weakness with the onset of Q4, but it has shown stronger-than-expected performance so far, leading me to re-examine my previous outlook. In the past, when Q4 weakness occurred, signs of decline were observed even before the quarter began, but this time there are no clear signals yet. It is necessary to flexibly adjust the outlook according to future market conditions,” he explained.
