Benjamin Cowen says the crypto market still looks historically undervalued despite Bitcoin recovering above $80K.
Key Points
Key Highlights:
- Cowen says the total crypto market cap is still below its long-term “fair value” trend
- He believes 2026 may remain an undervalued year for crypto due to weak market enthusiasm
- Unlike past cycles, Bitcoin topped on “apathy” rather than strong retail euphoria
- He says macro factors like inflation, interest rates, and monetary policy have limited crypto’s upside since 2021
- Bitcoin has underperformed assets like gold, energy, the S&P 500, and Nasdaq this year
- Current rallies are not enough to push crypto back into historically overvalued territory
- Cowen compares today’s market more to 2019, where crypto stayed undervalued before a stronger future cycle emerged
- He still expects the total crypto market cap to eventually reach around $10 trillion over time
Final Takeaway
Cowen believes crypto is still in a long consolidation phase rather than a euphoric bull market. While rallies can continue short term, he expects the market to stay relatively undervalued until macro conditions improve and stronger retail demand returns.
