Analyst Benjamin Cowen expected Bitcoin to continue underperforming equities as a market-cycle downturn developed, according to Benzinga’s January 30, 2026 account of his commentary.
Cowen related the weakness to earlier cycle patterns and liquidity conditions. Separately, FinanceFeeds reported his skepticism about an imminent large rotation from gold and silver into crypto.
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Relative performance needs a defined comparison
Underperforming stocks does not necessarily mean an asset falls in dollar terms. Bitcoin could rise and still trail a rising equity index. A meaningful comparison specifies the benchmark, measurement period, currency and whether dividends are included.
Historical patterns do not fix future outcomes
Cowen’s view was an analyst’s scenario, not a scheduled market event. Earlier cycles provide a limited sample, and changes in liquidity, ownership and market structure can alter subsequent returns.
A rally in one asset also does not demonstrate that the same investors will sell it to buy another. That rotation claim requires evidence about flows beyond a comparison of price charts.
See our finance foundations guide for the distinction between a forecast and a risk assessment.
Editor’s note: The headline and text identify an analyst forecast. Unrelated price targets and unsupported certainty about capital rotation have been removed.