Bitcoin (CRYPTO: BTC) may still be in a bear phase, with only a 25% probability that the market has already bottomed, according to analyst Benjamin Cowen.

Bottom Likely At Lower Levels

In an Apr. 13 podcast, Cowen said that even a rally toward $80,000 would not confirm a cycle bottom.

He emphasized that bear markets are often deceptive, featuring extended upward moves before sharp declines that catch both bulls and bears off guard.

Based on historical patterns, Cowen believes a more reliable bottom could form in the $30,000–$50,000 range, consistent with past drawdowns from peak levels.

He added that Bitcoin’s current low-volatility, range-bound behavior is typical of mid-cycle…

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