Michael Saylor replied “Welcome ₿ack” Monday after Into The Cryptoverse founder Benjamin Cowen admitted his bearish Bitcoin (CRYPTO: BTC) call failed.
What Cowen Said
Cowen posted on X Monday that he was wrong and would not make excuses.
“I deserve to be dunked on,” he wrote. Strategy (NASDAQ:MSTR) Executive Chairman Michael Saylor replied with a two-word jab.
Why the Reversal Matters
Cowen leaned on cycle analysis for months, arguing history pointed toward lower prices before any durable recovery.
On September 8, he put a 65% probability on Bitcoin’s cycle low still being ahead, repeatedly flagging the realized price near $53,000 as a level earlier bear markets had tested or undercut.
His July memo centered on a fourth-quarter bottom, most likely in October, with some scenarios contemplating a drop to $44,000.
Even as Bitcoin reclaimed the mid-$70,000s, Cowen held his ground, citing historical pullbacks after golden crosses and warning a lower peak similar to 2014 and 2015 remained possible.
He finally conceded in a September 20 update that the rally had lasted longer than expected, noting that rising yields, energy prices, and a firmer dollar never delivered the pressure he anticipated.
What Glassnode’s Data Shows
Glassnode posted on X that Bitcoin touched $86,000, up more than 10% from last Sunday’s close.
Spot and perpetual buyers drove the move, while leverage and profit-taking climbed at a slower pace. ETF flows were the one signal still lagging behind.
Shorts had piled up between $82,000 and $86,000 for months. The rejection at that level barely held, and once Bitcoin broke through, those positions turned into forced buying.
Options leverage is building back up too, with put/call ratios rising, though nowhere near the frothy levels seen at Bitcoin’s prior top.
Funding on perpetuals sits below neutral, meaning speculative excess hasn’t caught up to price yet.
BTC Price Analysis: Key Levels to Watch
BTC explodes 5.5% Monday, breaking decisively out of the descending triangle that capped price since the September 15 high near $82,000.
RSI at 72.71 marks its strongest reading since the early September peak, confirming genuine momentum while nearing stretched territory.
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