Why Cowen Says Bitcoin Is Approaching Crunch Time
Cowen said in a YouTube video that Bitcoin is following the same pattern it has in every prior midterm year.
A low forms in summer, volatility dies through August and September, then something happens in late fall that wakes the market up and starts the next bull run.
He puts social interest in perspective. Bitcoin’s social risk reading sits at 0.2 today, the same level it sat at in August 2018.
Four years ago at the same point in the cycle, that reading was double. To most people it feels like crypto is dying, but Cowen said this is exactly how prior bottoming phases have felt from the inside.
He expects one more leg down before the bull market begins, with October as the most likely month for the cycle low.
On-chain indicators like the MVRV Z-score have not yet reset to levels that historically mark major bottoms.
