Bitcoin Analyst Points to an Uncomfortable Reason Interest Hasn't Returned to Crypto

Benjamin Cowen, the analyst behind Into The Cryptoverse, argues that weak social interest in crypto may reflect a structural reputation problem rather than a normal cyclical lull.

In a recent video comparing Bitcoin’s (BTC) current bull-versus-bear case to indicators from prior cycles, Cowen flagged persistently low Google Trends and Wikipedia search activity as one of the more troubling signals for bulls.

Reputation Risk Over Cyclical Dip

Cowen’s broader framework tallies bullish and bearish signals across on-chain, technical, and sentiment data to gauge whether Bitcoin’s cycle low has already formed. Social interest, he said, has kept falling even though prior bear markets bottomed alongside a rebound in search and app-store activity.

Rather than assume search interest must eventually recover the way it has after past lows, Cowen raised a different possibility. He suggested the pattern could reflect lasting damage to how the public views the space.

“All it’s turned into recently is just memecoin griffs and scams.”

Gold as an Example Why it’s Not a Bad Thing

He speculated that gold’s social interest was similarly depressed in the early 2010s. However, this was before a multiyear bull run. He pointed to thematic exchange-traded funds (ETFs), which historically underperform for years after launch, arguing renewed public attention cannot be assumed on a fixed schedule.

Bitcoin Bull Case Vs. Bear Casehttps://t.co/j3OYX1uuJt

— Benjamin Cowen (@benjamincowen) September 9, 2026

The concern echoes a broader slide in crypto media engagement. Cowan includes a decline in crypto YouTube views that one creator said is now worse than during the 2018 bear market.

Cowen awarded points to both sides throughout the video. But, without giving a final score. He says the exercise is meant to sharpen judgment rather than call an exact bottom.

His own approach remains dollar-cost averaging (DCA) into Bitcoin during the back half of midterm-election years. This is an approach that echoes an earlier Cowen call for a Q4 Bitcoin bottom near $44,000.

Whether social interest stays depressed because of reputational damage, or simply needs more time to reset, remains unresolved. Cowen’s own indicator count leaves room for either outcome.