Popular cryptocurrency analyst Benjamin Cowen says that Bitcoin (BTC) bears are exhausted as the flagship digital asset hovers around 75% below its all-time high.

Cowen tells his 779,000 YouTube subscribers that based on the Bitcoin supply in profit and loss ratio, the bears are losing momentum as the price of the largest crypto by market cap keeps falling.

“You can see the bears are losing steam…

I mean each new leg down, like the first major down, bears had a ton of momentum.

Second one, still a good bit of momentum.

Third one, some momentum.

Fourth, the momentum is really starting to slow down.

So the bears are slowly losing momentum as we get deeper and deeper into the bear market.”

The crypto strategist says what comes next after bears lose momentum is the consolidation phase before a bullish cycle commences.

“Those first leg downs, major momentum. They lose momentum as we get further down and eventually the bulls sort of offset the bears, we get into that long accumulation phase… then we build out for the next cycle.”

According to Cowen, the current bear market is mirroring previous bear markets despite the unique challenges that the crypto industry has faced in 2022, including the collapse of various firms and the worsening macro environment.

“Despite everything that crypto has gone through this year, not only with things like Celsius and FTX and Terra (LUNA) and all that stuff and BlockFi even more recently, and all the FUD [fear, uncertainty, and doubt] going on today, despite even a recession potentially coming up, despite all of that, so far this is not that dissimilar from what we’ve seen every single bear market.”