This is where we can get bullish on the crypto markets again, according to analyst Benjamin Cowen

Popular crypto analyst Benjamin Cowen says now is probably not the time to expect a full-blown Bitcoin (BTC) and crypto bull market.

In a new strategy session, Cowen tells his 785,000 YouTube subscribers that Bitcoin could be threatened with another “summer break.”

Cowen points out that April 2021 and 2022 marked both local highs and the start of multi-month downtrends for BTC.

According to the analyst, if the pattern continues, it would fit his thesis that BTC won’t fully exit its bear market until late this year or early next year.

“I would generally argue that there is a good chance this will be a summer 2.0 break where we come back and get back to those lower levels before finally putting on our half year rally caps. That’s my general expectation. I’ve made this pretty clear for a long time, that the recovery years are brutal on both sides. Congratulations to those playing on both sides but that’s my overall expectation for the rest of this year that prices are likely to fall again.”

Cowen says the time to be bullish on crypto is likely late 2023 to early 2024 as the US economy is currently at risk of witnessing a recession if fears of an economic downturn are either avoided or drowned out.

“The altcoin market should still be bleeding against bitcoin, and by the end of this year, once recession risk has either been avoided or materialized and we get out of it late this year or early next year, I think that will be the time Time to really get a little more bullish on these markets.”

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