Did Bitcoin Price Peak in 2025? Famed Analyst Casts Doubt on 2026 Growth
Analyst Benjamin Cowen suggests Bitcoin's price may have peaked in Q4 2025, citing apathy rather than euphoria, favoring capital preservation now.Summary
Prominent crypto analyst Benjamin Cowen suggests that Bitcoin's price likely peaked in the fourth quarter of 2025, aligning with historical post-halving cycle patterns, though this cycle lacked the euphoria seen in 2017 or 2021. Cowen noted that the peak occurred on apathy, with retail participation failing to reach historically high levels, mirroring the market structure of mid-2019.
He cautioned that apathy-driven peaks might result in choppier, uneven price action with repeated countertrend rallies, rather than a deep, prolonged bear market. Furthermore, Cowen points to the macroeconomic backdrop, stating that while the economy is cooling, it is not weak enough to spur aggressive global liquidity expansion. Consequently, he advises that the current risk-reward profile for crypto favors capital preservation over aggressive accumulation.
Cowen clarified that his analysis focuses on market structure and risk asymmetry, not short-term price targets, concluding that structural upside remains constrained until liquidity and on-chain conditions reset.
(Source：CCN)