Waited for Bitcoin's October Bottom? Benjamin Cowen Says He Was Wrong

Prominent cryptocurrency analyst and founder of Into The Cryptoverse, Benjamin Cowen, publicly conceded that his bearish Bitcoin cycle thesis had failed following a powerful rally. Bitcoin broke decisively above the $85,000 threshold, confounding widespread historical four-year cycle models that had anticipated a cycle low or major correction during the fourth quarter, particularly in October. Cowen had previously assigned a 65% probability to lower cycle lows ahead, modeling downside targets near the realized price around $53,000 or as low as $44,000. However, macroeconomic headwinds like rising yields and dollar strength failed to compress crypto valuations as projected, leaving heavily positioned short sellers exposed to massive upside volatility. The swift move past $85,000 triggered an aggressive short squeeze, resulting in more than $831 million in short liquidations within a 24-hour period across derivative exchanges, compared to roughly $130 million in long liquidations. With the breakout invalidating major bearish cycle projections, market attention has decisively shifted toward the continuation of the broader bull phase.