Bitcoin Price Still Has Room to Fall, Analyst Warns

Bitcoin's recent recovery to $82,800 has sparked some optimism among investors, but one analyst believes the cryptocurrency still has a long way to go.

Benjamin Cowen, a well-known crypto analyst, says Bitcoin is still following its historical four-year market cycle. This cycle suggests that the price will continue to fluctuate before reaching its final bottom.

Cowen notes that similar patterns occurred in 2018 and 2022, where the price stalled near the 200-day moving average before declining further. He expects Bitcoin to remain under pressure until later in the year, possibly dropping below $60,000 before forming a stronger base.

However, not all analysts share Cowen's pessimistic view. Some predict that Bitcoin will rally above $90,000 in June, creating a split outlook for the cryptocurrency's near-term direction.