Crypto analyst Benjamin Cowen says 2025 reinforced a hard truth for the market: macroeconomic forces, not hype-driven cycle narratives, continue to dominate crypto price action.

What Happened: In his 2025 “Reflections” video, Cowen argued that while the traditional four-year Bitcoin cycle still technically held, with a post-halving peak forming in Q4, the drawdown that followed looked far more like 2019 than the sharp crashes seen in prior cycles.

Instead of a blow-off top, the market experienced a slow, grinding decline driven by tightening liquidity and macro headwinds.

The Altseason That Never Arrived

Cowen addressed one of 2025’s biggest disappointments: the absence of a broad altcoin…

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