Bitcoin’s (CRYPTO: BTC) recent rebound alongside equities is not necessarily the start of a new bull market but could instead reflect a late-cycle distribution phase, according to analyst Benjamin Cowen.
Late-Cycle Pattern Repeating
In an Apr. 16 podcast, Cowen said current market behavior mirrors historical late-cycle dynamics.
Typically, markets see a sharp correction, followed by a recovery that retests or slightly exceeds prior highs, often described as “sweeping the highs.”
This pattern can trap late buyers, creating the illusion of strength before a broader downturn.
Cowen compared …