Bitcoin’s current setup looks like 2019, says Benjamin Cowen

In an exclusive Cointelegraph interview, the crypto analyst pointed to macro headwinds, muted sentiment and cycle dynamics shaping Bitcoin’s path into 2026.

As Bitcoin (BTC) continues to underperform gold and major equity indices, investors are increasingly questioning whether this cycle is unfolding differently than expected. In a new interview with analyst Benjamin Cowen, we dig into why Bitcoin is lagging traditional markets, and why the current setup may feel strikingly similar to 2019.

Cowen points out that while stocks and gold are responding positively to expectations around future monetary easing, Bitcoin appears far more sensitive to actual liquidity conditions rather than optimism alone.

That distinction, he explains, helps clarify why BTC has struggled to gain momentum even as broader markets push higher. According to Cowen, Bitcoin often requires a clearer macroeconomic catalyst before it can outperform, and that catalyst may not yet be in place.

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