Bitcoin (CRYPTO: BTC) is hovering near $70,000 amid ETF outflows and weak sentiment, with one analyst warning the current pattern may mirror past bear markets.

Short-Term Rally Or Deeper Drop?

In a Mar. 20 podcast, crypto analyst Benjamin Cowen said Bitcoin appears to be following a familiar cycle seen in 2014, 2018 and 2022.

He described a recurring pattern in which Bitcoin bottoms in February, rallies into March and then weakens, often leading to another leg lower.

While a short-term move toward the 21-week exponential moving average is possible, Cowen said further downside remains the more likely outcome.

He pointed to 2014 as a key comparison, when Bitcoin formed multiple lows throughout…

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