Bitcoin (CRYPTO: BTC) appears to be tracking a familiar midterm-year bear market pattern, with one analyst warning that any early March strength may prove temporary rather than signaling a durable low.
Bounce In Early March, But A Bull Trap?
Crypto analyst Benjamin Cowen says Bitcoin is closely mirroring price behaviour seen in prior midterm years, 2014, 2018 and 2022,: weakness into February, a brief rally in early March, and then another leg lower into spring.
While Cowen acknowledges that a short-term bounce looks increasingly likely, he cautions it may be a bull trap rather than a true cycle bottom.
From a technical standpoint, several historical bear market bottom conditions remain unmet.
Bitcoin has not yet …