Reasons to be cautious

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This would obviously be a game-breaking development, but a few reasons to be cautious:

The Prague meeting was in Steele's very last memo, and Steele himself suspects Russia learned of his first memo shortly after he submitted it, and could have deduced his sources and begun feeding him disinformation.

Greg Miller at WaPo says his sources at FBI and CIA are skeptical of the Prague meeting. Then again, it's possible this information did not get disseminated widely, and this article indicates that the intelligence was shared directly with Robert Mueller.

Cohen's personal arc that he is trying to build, where he is not a villain of history, relies on him telling the truth from here on out, and he is still denying the Prague trip. Then again, (1) it may be that Cohen is hoping to avoid admitting to an event that is this close to treason and (2) it's Lanny Davis who is issuing the denials nowadays, and Davis is no longer representing Cohen. (Edit: Cohen re-affirmed his denial this afternoon of Prague specifically, also saying "Mueller knows everything!".)

Remember why, specifically, the Bill of Rights was written...remember its purpose. It was written to limit the power of government over the individual.

There is no believing a liar, even when he speaks the truth.