Cryptocurrency market analyst Ben Cowen has highlighted the need for a "junk coin" purge to enable a sustainable Bitcoin bull market. Cowen, founder of Into The Cryptoverse, noted that the market has been undergoing a cleansing of millions of altcoins since 2021, but a more extensive cleanup is necessary. He pointed out that capital is shifting from high-risk tokens to Bitcoin, as evidenced by Bitcoin's rising dominance rate. Data from GeckoTerminal indicates over 25 million token deployments, with 11.6 million projects failing in 2025, largely due to the collapse of the meme coin bubble. CoinShares researcher Luke Nolan supports the view that "95% of tokens are worthless." Despite Bitcoin's recent rise above $81,000, Cowen remains cautious, warning that failure to maintain above $88,880 could see prices fall to the $58,000–$62,000 range. The market faces pressure from delayed Fed rate cuts and geopolitical risks, suggesting 2026 may be a reset year rather than one for new highs.