Bitcoin continues to underperform gold and major equity indices, sparking questions about the current market cycle. Analyst Benjamin Cowen explains that Bitcoin is more sensitive to actual liquidity conditions than optimism, which may be hindering its momentum. Unlike previous peaks, the market is characterized by apathy, with low attention impacting Bitcoin’s path forward.

Cowen discusses how Bitcoin’s historical cycle framework may still be relevant, with broader market cycles influencing its performance. He points out that macroeconomic headwinds could continue to weigh on Bitcoin until 2026, despite potential short-term rallies. The interview emphasizes the importance of understanding cycles, risk, and patience in an uncertain liquidity environment.

The conversation also touches on altcoins, cautioning against expectations for quick rotations. Cowen’s analysis focuses on process over prediction, providing insights on how investors can navigate market cycles and make informed decisions. For a comprehensive look at his reasoning and charts, watch the full interview on the Cointelegraph YouTube channel.

Read more at Cointelegraph: Bitcoin’s current setup looks like 2019, says Benjamin Cowen