Bitcoin (CRYPTO: BTC) may spend the remainder of 2026 trading below its long-term fair value trend, according to crypto analyst Benjamin Cowen, who nevertheless remains optimistic about the industry's long-term growth trajectory.
BTC Below "Fair Value" Trendline In a podcast on June 8, Cowen revisited one of his longest-running valuation models and suggested an update could be coming later this year.
The analyst said his existing framework has successfully captured much of Bitcoin's market behavior over the past several years, including the current cycle's resemblance to the 2019-2020 period.
"Sort of the assessment that this whole cycle was kind of like that 2019 move, and then we just kind of went above it and faded back down, that's basically what we've done," Cowen said.
Based on current market conditions, he expects Bitcoin to remain below its long-term logarithmic regression "fair value" trendline for much of the rest of the year.
