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Bitcoin sold off in early trading hours at the US stock market open, briefly losing the $75,000 level before rebounding. The abrupt move triggered $120 million in liquidations of leveraged long (buy) BTC futures positions. Despite the volatility, Bitcoin’s funding rate has remained negative, a condition that can signal limited…
Bitcoin could potentially form a market bottom as early as May, according to crypto analyst Benjamin Cowen, though such an outcome would likely depend on a sharp capitulation event.
In an Apr. 15 podcast, Cowen said his base-case outlook still points to a later bottom, likely around October 2026, consistent with historical market cycles.
While a May bottom is possible, he described it as a lower-probability scenario unless Bitcoin’s price action deviates meaningfully from past patterns.
Cowen also said the current cycle resembles previous midterm-year behavior, when markets often move sideways before a more decisive phase later in the year.
He compared the present environment to 2019, when Bitcoin topped amid low enthusiasm (“apathy”) rather than hype. In that type of setup, Cowen said capital does not rotate broadly into altcoins, and Bitcoin dominance tends to rise while smaller tokens underperform.
That dynamic, he argued, points to a more subdued cycle in which altcoins weaken steadily rather than benefiting from a broad speculative surge.
A central theme in Cowen’s analysis is the interaction between Bitcoin’s four-year cycle and the broader business cycle. He said macro factors may not determine exact market tops, but they can materially influence how high Bitcoin can go and how it behaves afterward.
Cowen emphasized that the current environment reflects a late-stage business cycle, which historically pressures risk assets and changes typical crypto market dynamics.
He also maintained that Bitcoin may still need to fall below key valuation levels—such as realized and balance price—before forming a true bottom.
Although he noted that short-term opportunities may exist across the market, Cowen reiterated that Bitcoin remains the most reliable long-term asset in crypto, while altcoins and related assets often underperform over extended periods.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
