TD Cowen has reaffirmed its buy rating on Bitcoin, citing the cryptocurrency’s intrinsic cycle mechanism as a key driver behind its sustained premium valuation. The firm’s analysis highlights the strategic equity dynamics within Bitcoin’s market structure, which underpin its resilience and growth potential amid fluctuating macroeconomic conditions. This perspective aligns with broader institutional confidence, emphasizing Bitcoin’s role as a strategic asset in diversified portfolios. Investors are advised to consider these fundamental cycle patterns when evaluating Bitcoin’s medium to long-term investment prospects.