Cowen: Bitcoin Undervaluation Could Persist Through 2026

Crypto analyst Benjamin Cowen warned in his latest video that Bitcoin’s current slump is far from over. Mathematical models show the asset trading well below its long-term fair value, yet he expects selling pressure to remain through the final quarter of 2026.

Cowen noted that similar stretches of undervaluation occurred in 2015–2016 before the 2017 rally. This cycle, however, lacks the explosive retail demand seen in prior bull runs, with investor interest now spread across altcoins. Any upside above the model in 2024 or 2025 is therefore unlikely to hold.

Macro factors add further risk. Cowen had forecast a 10–20 % drop in the Nasdaq for the year’s final quarter; the index has already fallen roughly 10 %. An additional 5–10 % decline, he said, would likely weigh on Bitcoin as well.

Based on information from cryptonews.net