I am wondering how to derive the following equality $$\frac{\sin x}{x}=\prod_{n=1}^\infty \cos(x/2^n)\tag{1}$$ without using the method of telescoping. I know that there is already a question on deriving this infinite product representation of $\sin x/x$, but all the answers in the link telescope the product. Here is the method, for completeness.
First, we can use the trigonometric identity $\sin x=2\cos (x/2)\sin(x/2)$ to yield $\cos(x/2)=\frac{\sin x}{2 \sin(x/2)}$. More generally, this implies that $$\cos(x/2^{n})=\frac{\sin (x/2^{n-1})}{2 \sin(x/2^{n})}$$
Our infinite product is thus $$\prod_{n=1}^\infty\cos(x/2^n)=\frac{\sin (x)}{2 \sin(x/2)}\cdot \frac{\sin (x/2)}{2 \sin(x/4)} \cdot \frac{\sin (x/4)}{2 \sin(x/8)} \cdots $$ Treating the product as a limit of a finite product $f_k(x)=\prod_{n=1}^k \cos(x/2^n)$, we notice that $$f_k(x)=\frac{\sin(x)}{2^k\sin(x/2^k)},$$ with $\lim_{k\to\infty} f_k(x)=\sin x/x$. Thus, $$\frac{\sin x}{x}=\prod_{n=1}^\infty \cos(x/2^n).$$
Question:
How to show that $(1)$ is true without using telescoping?