Bitcoin’s current setup looks like 2019, says Benjamin Cowen

Analyst Benjamin Cowen notes that Bitcoin (BTC) is currently underperforming gold and stocks because it is more sensitive to actual liquidity conditions rather than just optimism about future monetary easing, unlike traditional markets. He points out that the current market sentiment is marked by relative apathy, which is unusual for a Bitcoin peak, contrasting with previous cycles driven by high retail speculation. Cowen also discusses the four-year cycle, presenting data suggesting that broader market cycles, influenced by macro headwinds like restrictive financial conditions, may continue to impact Bitcoin until around 2026. The core message emphasizes process over prediction, advising investors on managing risk and patience when easy liquidity is not assured, and suggests that quick rotations into altcoins might be misplaced.

(Source：Cointelegraph)