Benjamin Cowen, the founder of Into The Cryptoverse, abandoned his bearish Bitcoin outlook because BTC’s decisive climb above $85,000 invalidated his historical cycle models which had predicted a market bottom in late 2024 or early 2025. The move triggered an intense short squeeze, forcing a capitulation of his "lower for longer" thesis as the cryptocurrency entered a new phase of price discovery. Cowen publicly admitted on Monday that his expectations for a significant October correction were incorrect, marking a turning point for technical analysts who had been hedging against a macro downturn.
For months, Cowen had argued that Bitcoin’s price action would follow a specific historical pattern of diminishing returns and lengthening cycles, suggesting that a final flush-out was necessary before a true bull market could resume. However, the sheer strength of the current rally—fueled by institutional demand and a shifting US regulatory landscape in 2026—overrode these technical indicators. The breakout above $85,000 proved that the liquidity dynamics of the current market differ significantly from previous four-year cycles.
The implications of this reversal are substantial for retail and institutional traders who follow Cowen’s data-driven approach. His admission of error suggests that the "waiting for the bottom" strategy has become increasingly risky, as Bitcoin maintains its momentum despite traditional overbought signals. This development reflects a broader market trend where even the most disciplined bears are being forced to recalibrate their models to account for unprecedented spot ETF inflows and sovereign-level interest in digital assets.
Looking forward, the market is now eyeing the $90,000 and $100,000 psychological barriers. Investors should watch for whether the $80,000 level flips from resistance to a long-term support floor. As prominent bearish voices turn neutral or bullish, the reduction in contrarian selling pressure could provide the necessary oxygen for Bitcoin to sustain its trajectory toward six-figure valuations throughout the remainder of 2026.