Cowen, asserting that the historical four-year cycles remain unchanged, reminded that Bitcoin typically hits bottom about a year after its peak. Based on current data, the analyst forecasts October 2026 as the "most likely time to reach the bottom" for Bitcoin. The Cowen company assessed the current price dynamics with the following words: "We are currently in a period where bears seem smart, and bulls are making money. However, the data tells us that we are experiencing a bear market year. I do not expect Bitcoin to reach a new all-time high in 2026." Cowen stated that the risk persists as long as Bitcoin consolidates around $70,000, adding that a drop to the range of $50,000–$55,000 is quite possible. He specifically noted that a break below the support level of $60,000 could lead to a "capitulation" phase, but such declines will also create opportunities for long-term accumulation.