Bitcoin (CRYPTO: BTC) has tumbled below $70,000 as equities continue to slide lower while oil prices surge.

Bearish Structure Remains

Crypto analyst Benjamin Cowen maintains a cautious outlook, arguing that recent upside is likely a countertrend rally rather than the start of a new bull market.

He pointed to historical patterns where Bitcoin grinds higher during bear phases before breaking down to new lows.

Cowen also highlighted the recurring four-year cycle, noting that in past midterm years, including 2014, 2018 and 2022, early-year lows were not the final bottom.

Bitcoin may still be forming a …

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