Benjamin Cowen, the founder of Into The Cryptoverse, has publicly acknowledged that his bearish outlook on Bitcoin was incorrect. The analyst, who previously relied on four-year cycle analysis to predict lower prices, admitted his error after the cryptocurrency surpassed the $85,000 mark.
On September 8, Cowen had estimated a 65% probability that the cycle low for Bitcoin was still ahead, while assigning only a 35% chance that the bottom had already been reached. He had consistently pointed to the realized price near $53,000 as a critical level and suggested a potential bottom in the fourth quarter, specifically October.
The surge in Bitcoin price beyond $85,000 resulted in the liquidation of more than $831 million in short positions within a 24-hour period. During the same timeframe, long liquidations amounted to approximately $130 million, according to data provided by CoinGlass.
Cowen noted that factors he expected to exert downward pressure, such as rising energy prices, higher yields, and a stronger dollar, did not materialize as anticipated. He stated that he would offer no excuses for his inaccurate forecast and accepted the criticism from the market.
