Well-known analyst (Benjamin Cowen) asserts that Bitcoin's four-year market cycle remains intact and aligns closely with historical patterns, with peaks occurring in the fourth quarter of the year following halving events. He points out that the top of the current cycle appeared around day 1162, consistent with previous timelines. Despite the smaller decline magnitude in 2026, Cowen emphasizes that key bottom indicators, such as MVRV Z-Score and Profit Supply, have not yet reached typical bear market levels. He cautions that according to midterm election year patterns, it is premature to declare the 2026 bear market over, despite increasingly bullish sentiment.