Bankless · Monday, September 28, 2026
Ben Cowen suggests that Bitcoin's next bull market is likely to see diminishing returns, potentially performing less than the 7-8x gains seen in the previous cycle. He attributes this to the smaller top-to-bottom drop in the current cycle and the potential for a shorter bull market duration if the low is already in.
“But, you know, if that's the low, then we still likely have diminishing returns where you're only going to have like your last cycle, we went up seven or eight X. And so this cycle will probably be, you know, less than that would be my guess.”
“If Bitcoin were to go have gone lower, then maybe you would have a higher multiple just because you really wash people out. But that doesn't really seem to be the case right now. So I would I would just say expect diminishing returns.”