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

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

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

In a video uploaded to his YouTube channel on July 3 (local time), Cowen diagnosed 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 funds to strongly rotate into high-risk assets.

Cowen analyzed that the upward trend from 2023 to 2025 is similar to the 2019 market. He cited as evidence that Bitcoin dominance increased, interest rates declined, and quantitative tightening (QT) ended, but a full-scale rotation into altcoins did not occur. He stated that the cryptocurrency market is likely to show a somewhat sluggish trend for the remainder of this year.

The total cryptocurrency market capitalization is currently presented at approximately $2.125 trillion. Cowen pointed out that this figure has significantly decreased from its 2025 peak and is even 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 little more correction is still needed.

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

For 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 not as a short-term rebound target, but as a long-term path that can be confirmed in the next cycle.

[Article Key Summary]

-Cowen diagnosed that the entire cryptocurrency asset class is likely to remain below the Fair Value Logarithmic Regression Trend Line for the rest of this year.

-The total cryptocurrency market capitalization is presented at approximately $2.125 trillion, having significantly decreased from its 2025 peak and being slightly lower than 2021 levels.

-Cowen suggested the possibility of a short-term summer rebound followed by a year-end bottom formation, while also mentioning the potential for a $10 trillion market in the long term.

*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.*