The analysis focuses on historical Bitcoin patterns in post-halving years, particularly around August and September. Historically, Bitcoin tends to rally in July and August, followed by a pullback towards the bull market support band (20-week moving average) in September. A final rally towards the market cycle top is anticipated in Q4. Cowen suggests that altcoins typically decline against Bitcoin during pullbacks and rallies, as liquidity shifts back to Bitcoin. Ethereum has already gone down to range lows. The analyst indicates altcoins may drop towards their range lows between late August and late November, therefore the recent altcoin weakness may be due to them not ever hitting lower prices against Bitcoin compared to Ethereum. For Bitcoin, Cowen considers a 20% gain to $131,000 and 70% gain to $186,000 as potential targets, but warns of decreasing returns and states a retracement to $110,000 would invalidate the bullish expectation.