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BTC Bitcoin entered a bear market after hitting a peak of US$126,000. Analysts pointed out that October may be the bottom.
After reaching an all-time high of US$126,000 in October last year, Bitcoin entered a bear market. The price once fell to around US$57,000, and then continued to move sideways above US$60,000. Currently, Bitcoin has been hovering in the range of US$60,000 to US$65,000 for a long time, and the market is still discussing whether it has hit a bottom. One analyst pointed out that October could be the bottom of this round.
Well-known market analyst Benjamin Cowan said in his latest YouTube analysis video that Bitcoin has entered a critical period that may determine the final direction of the current bear market. He believes that October is the month with the highest probability of a potential bottom occurring.
The analyst pointed out that judging from the trend of Bitcoin, the next 60 days will be crucial to judging when the market will bottom out in this cycle.
The similarities between 2018 and 2022 are shocking!
Cowen pointed out that there are similarities between the current market structure and the price trend between 2018 and 2022. According to its analysis, in both cycles, Bitcoin fell in May and June, rebounded in July, and then faced selling pressure again in August and September. Against this backdrop, Bitcoin is currently following a similar pattern: a rebound in July after declines in May and June.
The analyst believes that if the historical trend repeats itself in 2026, Bitcoin may first fall from its current price to about US$56,000, and if selling pressure intensifies, it may drop further to US$50,000.
The next 60 days are crucial for Bitcoin!
Cowen said his 60-day warning for Bitcoin is based on a four-year cycle, adding that the next 60 days may determine the final direction of the current bear market. He pointed out that Bitcoin's two previous major cycle bottoms occurred approximately 1432 days and 1436 days after the bottom of the previous cycle, respectively. Applying historical cycle bottom data to the current cycle, Cowan pointed out that Bitcoin is currently approximately 1360 days past its previous cycle low. Based on this calculation, in another 60 days, this time span will reach about 1420 days, which is very close to the time node at the bottom of the historical cycle.
In addition, Cowan emphasized that Bitcoin's major bear market lows in the past occurred in January 2015, December 2018 and November 2022, respectively, and the calendar time is gradually moving forward. Based on this, he believes that October 2026 is a strong candidate for the bottom of the current cycle.
However, the analyst also pointed out that these are only forecasts, and historical data and seasonal trends are not deterministic price indicators.
* This article does not constitute investment advice.
