‘Very Dubious’ Speculation Suggests Bitcoin Could Follow Nasdaq ETF Rallies of 1999: Benjamin Cowen

Benjamin Cowen says Bitcoin’s (BTC) value motion might mirror that of the Nasdaq exchange-traded fund (ETF) Invesco QQQ through the first 13 months after its launch about 26 years in the past.

In a brand new video, Cowen tells In keeping with its 855,000 YouTube subscribers, the QQQ ETF has hit an area high after rising 150% in a couple of 12 months for the reason that ETF launched.

The QQQ ETF tracks the efficiency of the 100 largest non-financial corporations listed on the Nasdaq inventory trade.

Because the flagship digital asset nears its first anniversary for the reason that launch of the spot Bitcoin ETF, Cowen says the crypto king might replicate an analogous value motion, though it is unlikely it’ll “play out in precisely the identical means.”

“In 1999, the QQQ ETF launched in March and rose from about $48 to $120. And that rally from $48 to $120 lasted about 54 weeks – $48 to $120…

…in case you have a look at the Bitcoin ETF, it launched at round $48,000…in case you have a look at the launch of the spot ETF for Bitcoin, it went as much as $48,000 as an alternative of down just like the QQQ [ETF]. However apparently sufficient, 54 weeks later it’s January 20 – 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 that the QQQ went from about $48 to $120.

Check out this, in case you go to Bitcoin on the every day time-frame and join these highs right here [$99,600, $104,100 and $108,200] and also you simply increase on that. The fascinating factor is that in case you take some type of price ticket and go to January twentieth and go to this development line, you get to $120,000, which is precisely what the QQQ did – it went from $48 to $120, 54 weeks later.

Cowen says that if Bitcoin’s value motion carefully matches that of the QQQ ETF in its first 13 months of existence, a 48% drop is feasible.

“That is clearly very questionable and we clearly know that QQQ took an enormous drop after that…

…what I’d be fascinated with is that if Bitcoin will get to $120,000 someday within the subsequent few weeks, what’s the response to that? And one potential end result… what truly occurred with the QQQ is that after it hit $120, it had an enormous drop to $63, which is a reasonably large drop.”

Bitcoin is buying and selling at $101,484 on the time of writing.

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