The second quarter of 2025 has kicked off with a glimmer of hope for crypto investors. Bitcoin is trading steadily between $84K and $85K, showing resilience despite several global concerns. From President Trump’s tariff decisions and ongoing inflation to interest rate hikes and a possible economic slowdown, the market is navigating a tough macro environment.
Still, crypto isn’t backing down. Bitcoin’s price action may look shaky on the surface, but some analysts believe it’s all part of a much bigger setup.
Here’s what market watchers are saying.
While Bitcoin’s recent price movements may seem unstable, they still fit within the broader uptrend. According to crypto analyst Benjamin Cowen, there’s no major reason to worry—at least not yet.
In a recent episode of the Altcoin Daily podcast with host Austin Arnold, Cowen explained that the real concern would only begin if Bitcoin drops below its 2024 high of $72,000 and stays there. If that happens, it could mean the current bull cycle ended earlier than expected. Analysts refer to this as a “left-translated cycle.” For now, though, Cowen sees no strong signs pointing to that outcome.
A Late Peak Could Be in Play
Instead, Cowen believes the market might be following what’s known as a “right-translated cycle”—a pattern where Bitcoin peaks later in the cycle rather than early on. If this plays out, he expects BTC to rise toward $120,000 to $150,000. Under the right conditions, it could even reach as high as $200,000.
However, Cowen does not expect Bitcoin to hit $300,000 during this cycle. That said, he remains confident it could reach that level in a future bull run.
Cowen also issued a caution: time may be running out. He expects 2026 to be a challenging year for crypto markets, possibly resembling the downturns seen in 2018 and 2022.
If the market does face a deeper pullback, Cowen advises against panic selling. Instead, he suggests investors may see a lower high later in the year, which could offer a chance to reposition or exit strategically.
Short-term dips, he says, are normal and don’t necessarily signal the end of the cycle—unless they persist and turn into a clear downtrend.
Apart from Bitcoin, Cowen believes that Ethereum still has hope, but it’s going through a painful period, yet a necessary correction. He thinks ETH is “going home” to its long-term fair value, just like its past cycles, which are mainly linked with the Fed’s policy. He sees a possible rebound of $1200-$1600, once the monetary policies stabilize.
As for Cardano, Cowen isn’t optimistic in the short term. He notes that ADA is repeating last year’s pattern of slowly declining against Bitcoin. Unless market conditions shift significantly, he doesn’t expect Cardano to show meaningful gains before late 2025.
Crypto’s path forward won’t be smooth, but for now, the bigger picture is still very much in play.
While not this cycle, Cowen believes BTC could reach $300K or more by 2030 as adoption and market maturity grow.
As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment.
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