TL;DR
- Analyst Benjamin Cowen warns Bitcoin may be entering a bear-market reset phase.
- He points to fading momentum, investor apathy, and historical midterm-year pressure.
- Short-term rallies are seen as part of a broader down-cycle, not a trend reversal.
Analyst Benjamin Cowen, founder of Into The Cryptoverse, is again warning that Bitcoin may be sliding into another reset phase. Cowen built a reputation after he warned in 2021 that the bull market was losing steam. Now he says the current mood shift in crypto looks familiar, and the growing sense of apathy resembles early bear-market behavior.
Cowen argues that fading momentum, macro pressure, and long-cycle tendencies point to a rally that may have already topped, even if prices still sit far above prior cycle lows. He frames the message as a cycle read rather than a single-price call, and he treats downturns as recurring features of crypto markets.
In a recent strategy session shared with his YouTube audience, Cowen said investor psychology has moved from excitement to acceptance. He associates that transition with the early stages of a bear market and said apathy acts as a clear signal when market participants stop expecting quick upside.
Cowen described the tone as a period where many investors begin to accept the bear-market idea. He also said short-term rallies can still appear, yet he views those bursts as part of a broader down-cycle rather than proof of a durable trend shift.
Midterm-year pressure and October 2026 as a cycle checkpoint
Cowen also ties the current setup to calendar effects. He said midterm years have historically been difficult for risk assets, including crypto, and he sees little reason to expect a different pattern during the current cycle. In his framework, a typical cycle can extend weakness for many months, and he pointed to October 2026 as a time marker consistent with prior cycle timing.
Cowen’s practical message centers on discipline
He tells viewers to trade the market that exists rather than the market they wish for, and he repeats that crypto has already gone through bear markets and will go through more.
Cowen’s latest warning boils down to a simple read: momentum cools, acceptance replaces excitement, and the cycle starts to reassert itself. In that setup, the key question is not whether Bitcoin prints a brief bounce, but whether the market has already entered a longer reset that demands patience and tighter positioning.
