Bitcoin's Next Cycle Top Revealed; When Does 'Altcoin Season' Start? | Ben Cowen

Watch on YouTube ↗  |  September 24, 2025 at 17:26  |  44:49  |  The David Lin Report
Speakers
Benjamin Cowen — Founder & CEO, Into the Cryptoverse

Summary

Ben Cowen expects Bitcoin to make another Q4 2025 rally and a cycle top before year-end, followed by a 2026 bear market. He sees Bitcoin dominance rising near term, meaning liquidity rotates back to Bitcoin before any altcoin season. He remains bullish on Ethereum reaching all-time highs but expects a pullback in ETH/BTC first, recommends an 80/20 BTC/ETH portfolio, and watches S&P 500 seasonality and macro signals like the 2-year yield.

  • Ben expects a Bitcoin cycle top before end-2025 and a 2026 bear market.
  • He sees Bitcoin dominance forming a low and rallying, delaying altcoin season.
  • Ethereum is expected to reach all-time highs after a pullback to its 21-week EMA.
  • ETH/BTC likely drops short term before a final rally to around 0.053.
  • He recommends 80% Bitcoin and 20% Ethereum for a crypto portfolio.
  • In midterm years, he prefers rotating altcoins into Bitcoin.
  • He watches for an S&P 500 seasonal late-September/October pullback and year-end rally.
  • Macro triggers include the 2-year yield at 3.5% and possible Fed rate-cut limits.
Ideas
Benjamin Cowen Founder & CEO, Into the Cryptoverse 0:00
Bitcoin Q4 rally before cycle top
Ben expects Bitcoin to make another move higher in Q4 2025 and print a cycle top before year-end, consistent with historical four-year cycle tops occurring in Q4. He sees the top potentially between $124K and close to $200K, but avoids fixing a single price; if BTC is $130K-$140K or $180K in December, that is probably the top.
BTC HIGH
Benjamin Cowen Founder & CEO, Into the Cryptoverse 8:31
Bitcoin dominance rally, alts lag
Ben thinks Bitcoin dominance has been falling but is forming a low similar to prior cycles. He expects a final dominance rally into October/rest of year, meaning liquidity rotates back to Bitcoin and away from altcoins in the near term.
ALTCOINS HIGH
Benjamin Cowen Founder & CEO, Into the Cryptoverse 13:00
Ethereum to reach all-time highs
Ben expects Ethereum to rally back to all-time highs. Ethereum bottomed against Bitcoin at its logarithmic regression band, which historically precedes a major rally; he expects a first ATH attempt to be rejected, a pullback to the 21-week EMA, and then a final rally into the cycle top.
ETH HIGH
Benjamin Cowen Founder & CEO, Into the Cryptoverse 38:46
S&P seasonal pullback then rally
Ben sees the S&P 500 as vulnerable to a seasonal late-September/early-October pullback toward its 20-week moving average (about 5% lower), followed by a final rally into the holidays, consistent with post-election-year seasonality.
SPY MED
Benjamin Cowen Founder & CEO, Into the Cryptoverse 42:56
ETH/BTC pullback then final rally
Ben is bullish on ETH/Bitcoin into the end of the cycle but expects short-term weakness first. ETH/BTC likely local-topped when Ethereum hit an ATH, and he expects a pullback to the 21-week EMA over the next 4-6 weeks, then a final rally to around 0.053.
ETH/BTC HIGH
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This The David Lin Report video, published September 24, 2025, features Benjamin Cowen discussing BTC, ALTCOINS, ETH, SPY, ETH/BTC. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Benjamin Cowen  · Tickers: BTC, ALTCOINS, ETH, SPY, ETH/BTC