Bankless · Friday, September 25, 2026
Several crypto cycle experts, including Ben Cowan and Michael Nadeau, are signaling a strong probability of an early bull market, a shift from previous bearish outlooks. This sentiment is supported by key on-chain metrics such as the golden cross confirmation, a reset in holder structure, and a reduction in leverage. Bitcoin has also shown strength, making its second leg up and reaching an eight-month high, defying earlier predictions of a fourth-quarter dump.
“We also got to discuss Zcash at a near 10-year high. I think that's a fundamental change in the market, and I want to get your take on it.”
“So there's a reset in the holder structure. You know, he follows these on-chain metrics of the cohorts, the cost base of the cohorts and which cost bases are holding what coins, where you see this process of coin cycling from weak hands back to strong hands and the strong hands form the base for the next market.”
“And so it's kind of a big deal because it takes a lot of evidence for them to change their mind.”