Benjamin Cowen, founder of Into The Cryptoverse, publicly admitted on Monday that his bearish Bitcoin call was wrong, as the cryptocurrency decisively broke above $85,000 and triggered massive liquidations on short positions. In September, he had assigned a 65% probability that Bitcoin’s cycle low remained ahead, projecting a fourth-quarter bottom, most likely in October, with downside scenarios as low as $44,000. The push past $85,000 liquidated more than $831 million in short positions within 24 hours, according to CoinGlass data, versus only $130 million in long liquidations over the same period. Cowen publicly acknowledged his error and thanked critics for their feedback, while analyst Michaël van de Poppe praised him for his honesty, noting that everyone eventually errs. The episode underscores that cycle models are probabilistic tools rather than guarantees, as markets can rewrite even well-supported historical analogies.
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