Benjamin Cowen is saying that the worth motion of Bitcoin (BTC) might mirror that of the Nasdaq exchange-traded fund (ETF) Invesco QQQ throughout the first 13 months that adopted its launch about 26 years in the past.
In a brand new video, Cowen tells his 855,000 YouTube subscribers that the QQQ ETF hit an area prime after going up by 150% in roughly one 12 months following the launch of the ETF.
The QQQ ETF tracks the efficiency of the 100 largest non-financial companies listed on the Nasdaq inventory alternate.
Because the flagship digital asset approaches the primary anniversary because the launch of the spot Bitcoin ETF, Cowen says the crypto king might replicate comparable worth motion, although it’s unlikely to “play out the very same approach.”
“In 1999 the QQQ ETF launched in March and it rallied from round $48 to $120. And that Rally from $48 to $120 took about 54 weeks – $48 to $120…
…if you happen to take a look at Bitcoin’s ETF, it launched at round $48,000… if you happen to take a look at the launch of the spot ETF for Bitcoin it depraved as much as $48,000 as a substitute of all the way down to it prefer it did with the QQQ [ETF]. However curiously sufficient, 54 weeks later is January twentieth – Inauguration Day [of President-elect Donald Trump], which is attention-grabbing as a result of 54 weeks after this launch of the QQQ, it was 54 weeks later the QQQ went from like $48 to $120.
Now take a look at this, if you happen to go to Bitcoin on the each day timeframe and also you join these highs right here [$99,600, $104,100 and $108,200] and also you simply lengthen that out what’s fascinating is if you happen to seize the type of a worth label and also you go over to January twentieth and go as much as this pattern line it will put you at $120,000 which is strictly what the QQQ did – it went from $48 to $120, 54 weeks later.”
Cowen says that if Bitcoin’s worth motion carefully follows that of the QQQ ETF within the first 13 months of its existence, a 48% drop is a risk.
“Clearly that is very doubtful and clearly, we all know that QQQ received a big drop after that…
…what I’d be concerned about is that if Bitcoin finds itself at $120,000 sooner or later in a number of weeks, what’s the response there? And one potential end result… mainly what occurred with the QQQ is after it hit $120, it had a big drop all the way down to $63, which is a fairly large drop.”
Bitcoin is buying and selling at $101,484 at time of writing.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Day by day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney
