Benjamin Cowen, a Leading Market Expert, Shares His Outlook on Bitcoin: “We Could See the Bottom This Month”

Benjamin Cowen, a leading analyst in the cryptocurrency market, joined other market experts in his latest broadcast to discuss the current state of Bitcoin, MicroStrategy’s moves, and developments that could affect global financial markets.

Cowen commented on MicroStrategy’s (and Michael Saylor’s) sale of 32 Bitcoins worth approximately $2.5 million after a long hiatus. He stated that he wasn’t criticizing Saylor for selling, noting that he himself had sold Bitcoin and that arguing against it would be hypocritical. However, he added that he preferred holding Bitcoin, the underlying asset, rather than holding company shares like MicroStrategy: “Bitcoin doesn’t need MicroStrategy to survive, but MicroStrategy needs Bitcoin.”

It was stated that the main factor putting pressure on the market was not this small sell-off, but rather the spot Bitcoin ETF outflows that have been continuing for about two consecutive weeks.

Benjamin Cowen pointed out that cyclically, in years with midterm elections in the US, prices typically fall towards June, and bottoms can be seen within June. He said that similar corrections have occurred in past cycles, and blaming Saylor for the current declines is merely a “convenient tool” for investors to avoid taking responsibility for their own decisions.

The initial public offerings (IPOs) of giant companies like SpaceX, OpenAI, and Anthropic, which are currently worth trillions of dollars, were also discussed. Benjamin Cowen predicts that these large IPOs will initially create a significant liquidity surge in the market, potentially leading to a correction in equity markets. Following this correction, people might turn to Bitcoin, which is nearing the end of its bear market, asking, “These AI companies are overvalued, where should we put our money?” This could create a new bull narrative for Bitcoin. Cowen also added that he would never take a position against Elon Musk.

*This is not investment advice.