ITC Crypto’s Benjamin Cowen Questions Bearish Bitcoin Q4 Calls

Cowen's pushback is a reminder that this cycle's technical signals have been unusually muted: a setup that historically delivered quick double-digit gains has so far produced a far softer response. The cited culprits — seasonality and rising Treasury yields — point to macro conditions, not crypto-native flows, as the binding constraint on bitcoin's upside. The open question is whether the 50-week moving average still functions as a reliable trigger when yields are the dominant variable, or whether that playbook has quietly stopped working.