The 2021–2022 crypto crash is something that still gives investors nightmares.
And one of the few analysts who consistently warned ahead of that collapse was Into The Cryptoverse founder Benjamin Cowen.
In the final months of 2021, as Bitcoin (BTC) traded near its then-record high around $69,000, Cowen flagged mounting risk. Tightening Federal Reserve policy, excessive leverage, and overheated altcoin valuations, he argued, were creating a fragile setup.
What followed was one of crypto's sharpest drawdowns on record. Bitcoin slid nearly 78% to around $15,000. Ethereum (ETH) fell roughly 80%, while many altcoins lost 90% or more.
Now Cowen is back again with another chilling warning for the days ahead.
Related: What crypto investors should know about 'altcoins'
A long-standing warning on altcoins
While Cowen acknowledges that altcoins can outperform Bitcoin during specific phases of a cycle, he has consistently cautioned against assuming broad-based "altseasons" are inevitable.
An altcoin, by definition, is any cryptocurrency other than Bitcoin. In Cowen's framework, most are structurally dependent on speculative liquidity and vulnerable when conditions tighten.
That skepticism resurfaced forcefully on Jan. 26, when Cowen, on X , pushed back against renewed altseason enthusiasm.
"Stop believing in alt season just because some guru told you it would happen,"he wrote. "Most alts should and likely will go to zero."
His argument? Crypto cycles often cleanse excess, especially during midterm years.
More News:
-
Billionaire who paid $4.6M for dinner with Buffett, says he'd spend $30M for an hour with Elon Musk
-
Veteran trader who called 50% gold crash compares silver to privacy asset
Market data echoes caution
Recent fund flows reinforce that message. Crypto exchange-traded products saw $1.73 billion in outflows last week, the worst since mid-November 2025, according to CoinShares.
Bitcoin accounted for about $1.09 billion of those outflows, while Ether (ETH) saw roughly $630 million exit funds.
Altcoins were mixed: XRP and Sui posted modest outflows, while Solana (SOL) attracted $17.1 million in inflows.
At press time, Bitcoin was down 1.3% to trade at $87,317.25 while Ether traded near $2,914, XRP around $1.93, and Solana near $124.
Bitcoin stuck in a 'slow bleed'
Cowen's caution isn't limited to altcoins. Recently, while speaking with TheStreet Roundtable host Scott Melker, Cowen said he expects Bitcoin to continue trending lower before its next sustained bullish phase.
He described the current market as a "slow bleed," with Bitcoin likely remaining range-bound until macro liquidity improves.
However, unlike his grim altcoin prediction, he expects King Crypto to reach the $110,000 range in the future.
According to Cowen, Bitcoin would need to reclaim key technical levels, including the 50-week moving average, to signal a broader reversal.
Related: Gold is winning the fear trade as crypto bleeds
This story was originally published by TheStreet on Jan 26, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
