Benjamin Cowen’s Midterm Cycle Thesis Proved Right After Bitcoin’s July Low

Benjamin Cowen's call that Bitcoin (BTC) would bottom in the back half of 2026 and accumulation would follow is holding up so far, with the asset's July 1 low still standing more than seven weeks later.

The call mattered because Cowen made it in public, in real time, rather than in hindsight. He had spent the first half of 2026 telling followers to sit out Bitcoin entirely, a stance that drew plenty of skepticism as the asset ground lower through the spring.

From Call to Confirmation

With Bitcoin's price climbing rapidly now, rather than retesting that low, Cowen's midterm cycle thesis has now moved past its call stage and into confirmation. Cowan notes that he called Bitcoin accumulating as of July 1, and that this recent rally seems to have erased fears of a further low in the minds of most; but not necessarily Cowan.