The first entry is always the pin's source. Overall confidence is a weighted average of how firmly each reference supports the start and end times used above; a reference counts half as much for every 180 days older than the newest.
Cowen's own timeline, not a confirmed date: he expects the bottom about a year after the cycle's October 2025 top, the same gap as the prior two cycles, unless a deep capitulation event pulls it forward to around May 2026. He has separately named $40,000 - where Realized Price and Balanced Price converge - as the level he watches for that bottom.
KuCoin's flash-news writeup of Cowen's $40,000 downside target and October-November 2026 bottom call, syndicated from Bitcoinsistemi[3].
The original Bitcoinsistemi article the KuCoin[2] flash piece is syndicated from, with Cowen's fuller reasoning on the $40,000 Realized/Balanced Price convergence and the 2019-like cycle structure.
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The U.S. could fail to meet its debt obligations sooner than expected, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy.
Yellen said a drop in tax receipts meant the U.S. could hit its debt ceiling as soon as June 1, earlier than Wall Street and Washington had estimated.
This date is earlier than Wall Street economists were expecting. Goldman Sachs’ latest estimate this week put the deadline at some point in late July, though the bank’s economists acknowledged that weaker-than-expected tax receipts could advance that timeline.