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Market analyst Benjamin Cowen predicts that Bitcoin will enter a "slow decline" phase before macro liquidity recovers, which will delay his $110,000 target price. He points out that Bitcoin needs to close above its 50-week moving average for several consecutive weeks to achieve a reversal. Cowen's accumulation strategy is based on Bitcoin's four-year cycle, and he believes the next optimal buying opportunity may be at the end of 2026.