Bankless Where is Crypto Going in 2026? | Ben Cowen
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Dec 23, 2025 
Ben Cowen, a data-driven crypto analyst and creator of IntoTheCryptoverse, dives into the evolving landscape of cryptocurrency. He suggests Bitcoin may have peaked and explores the implications for altcoins. Cowen analyzes Ethereum's potential to break new ground while discussing the slim chances for a broad alt season. He attributes the current lack of market excitement to macro conditions and AI’s influence on investor focus. With insights on Fed policies and the need for utility in crypto, Cowen provides a compelling vision for what 2026 could hold.
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Bitcoin Cycle Likely Topped
- Bitcoin's four-year cycle appears intact and the latest cycle likely topped in October 2025.
- Bitcoin's cycle duration matched prior cycles (~1,062 days), implying the cycle may be over.
Ethereum Sitting Near Regression Band
- Ethereum followed a pattern similar to previous cycles but dropped deeper than expected, ~40–47% from its high.
- It's currently hovering near its regression band, making further upside uncertain.
Prepare For Two ETH Scenarios
- Expect two possible ETH paths: a Tesla-like rally to new highs then crash, or prolonged consolidation before durable gains.
- Prepare for a fleeting 2026 rally if Bitcoin remains in a macro bear market.