Crypto Bull Market in Doubt as Analyst Warns Traders Are “Forcing It”

Despite Bitcoin’s strong performance in recent years, doubts are growing over whether the cryptocurrency market is truly in a sustained bull phase. Crypto analyst Benjamin Cowen has cautioned investors against trying to “manufacture” a bull market, suggesting that underlying market strength remains weak.

Bitcoin surged to all-time highs above $126,000 in 2025 before cooling into the $90,000 range, with price movement influenced by macroeconomic uncertainty, profit-taking, and shifting regulatory narratives. While this performance might appear bullish on the surface, Cowen believes the broader market tells a different story.

On X, Cowen highlighted the Advance Decline Index (ADI) of the top 100 cryptocurrencies — a key market breadth indicator — which has remained in a steady downtrend since 2021. According to him, the true bull market of 2020–2021 was driven by widespread participation across altcoins and sectors, not just by Bitcoin alone.

He added that recent strength in Bitcoin has been more defensive than bullish, as investors have rotated out of altcoins and into BTC, masking weakness across the wider crypto ecosystem.