Bitcoin (CRYPTO: BTC) bounced above $63,000 on Monday, yet the bottom may take a while to form, according to a prominent technical analyst.

“BTC Has Entered Stage Three“

In a podcast on June 7, crypto analyst Benjamin Cowen argued that investor psychology is now approaching the point historically associated with major bottoms.

He outlined a three-stage bear market framework based on sentiment shifts rather than traditional technical indicators.

Cowen said the first phase began after Bitcoin’s October 2025 peak, when only a small group of investors believed a bear market had started.

The second phase unfolded after Bitcoin broke below its February 2026 low, forcing more market participants to acknowledge the broader downtrend.

Cowen now believes Bitcoin has entered the third stage after recently setting a new low beneath February’s support level.

“I think we just completed stage two of the bear market,” Cowen said. “Bitcoin has entered stage three.”

Why It Matters

Cowen's framework estimates the current phase could last through the third quarter and potentially into October.

He noted that social sentiment and polling data have become increasingly negative, although he says bearish consensus has not yet reached extreme levels historically associated with major reversals.

In a podcast on June 7, analyst Michael van de Poppe noted Bitcoin is testing the 200-week moving average while daily RSI readings have reached levels seen during major capitulation events.

The analyst says Bitcoin may be approaching a bottoming phase or consolidation period, and if support holds, stronger altcoins could outperform during the next market rebound.

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