Bitcoin (CRYPTO: BTC) could face another major test in June, as analysts warn the asset is losing momentum and weakening against stocks and gold.

“Date With Destiny“

In a June 2 podcast, crypto analyst Benjamin Cowen said Bitcoin's next “date with destiny” may arrive in mid-June, with price potentially testing the 200-week moving average.

He compared current Bitcoin price action to prior mid-cycle weakness in 2018 and 2022, when BTC found local lows around June before staging relief rallies into July.

Overall, the 2026 structure looks similar to 2018, when BTC set a February low, rallied into May, formed a lower high and swept the February low in June.

Cowen said Bitcoin's February 2026 low near $60,000 mirrors the $6,000 February low from 2018.

Looking ahead, he is expecting weakness into June, relief in July, lower volatility afterward and a potential final downside later in the year.

BTC Narrative Under Pressure

Separately, RWA.xyz strategic advisor Emily Parker said Bitcoin is struggling because it has become a sentiment-driven asset without a clear current narrative.

She said investors are increasingly excited about AI and equities instead.

Parker argued Bitcoin's original story centered on independence from banks and governments, but recent drivers of BTC upside have come from Wall Street, ETFs and U.S. government support.

"It's kind of losing what makes it unique," Parker said.

She expressed belief that crypto is not dead pointing to rising interest in tokenized real-world assets, stablecoins and blockchain-based financial infrastructure. Still, she said Bitcoin must "reclaim the narrative" that made it stand apart in the first place.

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