Benjamin Cowen "Bitcoin (BTC) will reach a $10 trillion market cap after a boring correction"

▲ Bitcoin (BTC), Dollar (USD)/ChatGPT generated image

The cryptocurrency market, including Bitcoin (BTC), is once again raising expectations for a rebound. However, crypto analyst Benjamin Cowen has put more weight on the possibility of a longer correction below fair value for the remainder of this year.

On July 3 (local time), Cowen stated in a video uploaded to his YouTube channel that "the entire cryptocurrency asset class remains below the Fair Value Logarithmic Regression Trend Line." Cowen believes it will be difficult for the market to enter a sustained overvalued period above this trend line for the rest of the year. He explained that the current market is closer to the monetary policy environment of 2019 and 2020, and there is insufficient justification for strong capital rotation into high-risk assets.

Cowen analyzed that the upward trend from 2023 to 2025 is also similar to the 2019 market. He cited that Bitcoin dominance increased, interest rate cuts occurred, and quantitative tightening (QT) ended, but a full-fledged rotation into altcoins did not spread. He said there is a high possibility that the cryptocurrency market will show a somewhat sluggish trend for the remainder of this year.

The total cryptocurrency market cap is currently presented at approximately $2.125 trillion. Cowen pointed out that this figure has significantly decreased from its 2025 peak and is slightly lower than 2021 levels. He noted that while the deviation from the fair value trend line has become quite large, in terms of time, a bit more correction is still needed.

Cowen believes that a short-term rebound in the opposite direction could occur in the summer. However, he left open the possibility of forming a new low closer to the end of the year. He predicted that the cryptocurrency market could find support near fair value over the next few months and then attempt an upward trend again towards 2027 and 2028.

In the long-term outlook, a much larger market size was discussed. Cowen believes that the entire cryptocurrency asset class could eventually grow to around $10 trillion. However, this target was presented as a long-term path to be observed in the next cycle, not a short-term rebound target.

[Key Article Summary]

-Cowen diagnosed that there is a high probability that the entire cryptocurrency asset class will remain below the Fair Value Logarithmic Regression Trend Line for the rest of this year.

-The total cryptocurrency market cap is approximately $2.125 trillion, which has significantly decreased from its 2025 peak and is slightly lower than 2021 levels.

-Cowen mentioned the possibility of forming a low at the end of the year after a short-term summer rebound, while also referring to the long-term potential of reaching a $10 trillion market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*