Bitcoin's Monthly Closes Keep Climbing From Its Summer Low As Ben Cowen Says Burden Of Proof Has Shifted To Bears

Analyst Ben Cowen changed his stance, saying he "certainly didn't think" Bitcoin would take out its May high this year.

• Bitcoin has risen every month since June, though it remains below its October 1, 2025 level, according to data from Koyfin.
• Ben Cowen said Bitcoin's cycle low may have come in July and that its break above the May high has shifted the burden of proof to the bears. 
• Cowen said the setup matches how past bear markets ended and that he doesn't think it has ever failed for Bitcoin.

Bitcoin (BTC) has closed each month higher since its June low, and analyst Ben Cowen said the burden of proof has now shifted to the bears.

Cowen said Bitcoin's four-year cycle low may have come in July, after it broke above its May high. Speaking in an interview with Real Vision, he called the July low "the earliest that we've seen." He said lows in past cycles usually came in the fourth quarter

Bitcoin Recovers From June Low

Bitcoin has ended every month since October 2025. Its lowest month-end came on June 30, when it closed 48.85% below that level. Each month-end since has been higher. 

Bitcoin finished July 45.13% below, August 31.21% below and September 27.05% below. The September close was its highest month-end since December. Bitcoin is now over 25% below its Oct. 1, 2025 level.