Bitcoin (CRYPTO: BTC) has seen a rebound, climbing above $63,000 on June 7, yet analysts caution that the market may not have fully bottomed out. Benjamin Cowen, a notable technical analyst, argues that Bitcoin has entered the third stage of a bear market, following a framework he developed based on investor sentiment rather than traditional metrics. He states that the first phase began after Bitcoin's peak in October 2025, with the second phase marked by a drop below February 2026's low. Cowen estimates that this current phase could persist through the third quarter and potentially into October, as social sentiment remains increasingly negative. However, he notes that bearish consensus has not yet reached levels typically associated with significant market reversals. Additionally, analyst Michael van de Poppe highlights that Bitcoin is currently testing its 200-week moving average, suggesting it may be nearing a bottoming phase or consolidation period. If Bitcoin's support holds, stronger altcoins may outperform in the next market recovery.