Benjamin Cowen Says Bitcoin Could Bottom This Month

Benjamin Cowen, a well-known analyst in the cryptocurrency market, joined other market commentators in his latest broadcast to break down the current state of Bitcoin, MicroStrategy's latest moves, and developments that could ripple through global financial markets.

Cowen weighed in on MicroStrategy's (and Michael Saylor's) sale of 32 BTC worth roughly $2.5 million after what can only be described as a long and dignified hiatus. He clarified he wasn't criticizing Saylor for selling, noting that he had sold Bitcoin himself and that arguing against it would be, by his own logic, a touch hypocritical. That said, he prefers holding the underlying asset over the equity wrapper: "Bitcoin doesn't need MicroStrategy to survive, but MicroStrategy needs Bitcoin."

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Cowen noted that the real pressure on the market wasn't this modest sell-off but the spot Bitcoin ETF outflows that have been grinding on for about two consecutive weeks. He also pointed out the cyclical pattern: in years with US midterm elections, prices tend to drift down toward June, and bottoms historically show up within that month. Similar corrections have played out in past cycles, and blaming Saylor for the current declines is, in his view, just a "convenient tool" for investors who would rather not look in the mirror.

The broadcast also turned to the upcoming IPOs of giants like SpaceX, OpenAI, and Anthropic, which are currently worth trillions on paper. Cowen predicts these listings will initially dump a hefty liquidity wave into the market, potentially dragging equity markets into a correction. Once that dust settles, investors might glance over at Bitcoin — nearing the end of its bear market — and ask, "These AI companies are overvalued, where should we put our money?" That shift, he suggests, could spark a fresh bull narrative for BTC. Cowen also added that he would never take a position against Elon Musk. Probably wise.

*This is not investment advice.