Ben Cowen Says After Nasdaq Fall, Bitcoin Could Head Back to $58,000
Crypto analyst Ben Cowen, says the Nasdaq Composite has erased all post-midterm good points. He says a slide to its summer time lows might drag Bitcoin (BTC) to $58,000.
That worth sits close to Bitcoin’s June low, the weakest level of 2026, so a retest would erase its total rebound.
Does Ben Cowen’s 2018 Parallel Hold Up?
Cowen factors to 2018, when the S&P 500 gained 2.1% the day after the midterms. However, three occasions then drove shares decrease into December, he says.
First, Federal Reserve (Fed) Chair Jerome Powell stated in October 2018 that charges sat removed from the impartial stage. CNBC tied that comment to the S&P 500’s worst month since 2011.
Meanwhile, Cowen says markets now worth two extra fee hikes regardless of the tech selloff.
Second, Caterpillar, 3M, and Ford flagged tariff-linked price strain that October, Bloomberg reported.
Therefore, Cowen argues, at this time’s tariffs add to inflation and hold the Fed hawkish.
Third, Cowen says tech shares reversed in late 2018 as regulators scrutinized giant platforms. He argues AI fears now play that position.
On Thursday, the Dow Jones Industrial Average closed about 1,800 factors decrease, ABC reported. Meanwhile, the Nasdaq entered correction territory, a drop of 10% or extra from its peak.
Can Bitcoin Avoid Following the Nasdaq?
Cowen then linked the 2 markets in a follow-up put up.
“If the NASDAQ can return to the summer time lows, then so can Bitcoin.”
Cowen wrote on X.
Bitcoin has adopted large tech decrease earlier than. An earlier Big Tech selloff pulled it towards $62,000 in June.
In distinction, Morgan Stanley strategist Mike Wilson calls any midterm dip a shopping for probability, an earlier Q4 report famous.
However, the analogy might break if the Fed softens. Powell shifted to a dovish tone in late November 2018.
BlackRock managing director Jeffrey Rosenberg says Fed Chair Kevin Warsh links tighter financial conditions to AI. The Fed held charges at 3.75% to 4% final week.
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