Michael Saylor Says 'Welcome Back' as Bitcoin Bear Admits: 'I Was Wrong'

Michael Saylor replied “Welcome ₿ack” Monday after Into The Cryptoverse founder Benjamin Cowen admitted his bearish Bitcoin (CRYPTO: BTC) call failed.

What Cowen Said

Cowen posted on X Monday that he was wrong and would not make excuses. 

“I deserve to be dunked on,” he wrote. Strategy (NASDAQ:MSTR) Executive Chairman Michael Saylor replied with a two-word jab.

Why the Reversal Matters

Cowen leaned on cycle analysis for months, arguing history pointed toward lower prices before any durable recovery. 

On September 8, he put a 65% probability on Bitcoin’s cycle low still being ahead, repeatedly flagging the realized price near $53,000 as a level earlier bear markets had tested or undercut. 

His July memo centered on a fourth-quarter bottom, most likely in October, with some scenarios contemplating a drop to $44,000.

Even as Bitcoin reclaimed the mid-$70,000s, Cowen held his ground, citing historical pullbacks after golden crosses and warning a lower peak similar to 2014 and 2015 remained possible. 

He finally conceded in a September 20 update that the rally had lasted longer than expected, noting that rising yields, energy prices, and a firmer dollar never delivered the pressure he anticipated.