Ben Cowen: Purge of millions of altcoins essential for sustained Bitcoin rally

Market analyst Ben Cowen has argued that a purge of millions of altcoins has already begun, calling it a necessary process for a sustainable Bitcoin bull run. According to CoinDesk, over 11 million defunct tokens disappeared from the market last year alone, helping Bitcoin's market dominance reclaim the 60% level. Cowen noted that capital is flowing out of riskier assets and either consolidating into Bitcoin or moving to the sidelines. He warned that if Bitcoin fails to firmly establish $88,880 as a support level, it could be pushed back below $60,000. Cowen also characterized 2026 not as a year for new highs, but as a year of reset for the market to deflate.