Bitcoin (CRYPTO: BTC) has reclaimed its 200-week simple moving average after falling to an early-summer low near $57,000.
Crypto analyst Benjamin Cowen though argues the recovery does not yet signal the end of the bear market.
BTC’s “Date With Destiny“
A July 2026 Bitcoin Cycle Memo by Cowen, released on July 16, explained that the current setup continues to favor a Q4 bottom, citing historical cycle patterns, on-chain data and macroeconomic conditions.
Bitcoin is trading around $64,400, roughly 45% below its October 2025 peak, after recovering from a breakdown below the 200-week SMA.
