Bitcoin’s (CRYPTO: BTC) price action is pointing to late-cycle signals as macro conditions tighten and a key metric has trended lower since 2021, according to analyst Benjamin Cowen.
Late Business Cycle
In a March 26 podcast, Cowen says the current setup reflects a late business cycle, where capital rotates away from risk and toward safer and defensive assets like gold. That shift helps explain why altcoins have underperformed Bitcoin and why crypto overall has lagged broader defensive moves like gold.
He notes that while Bitcoin still follows its historical pattern of peaking in post-halving fourth quarters, this …