Altcoins

Benjamin Cowen Suggests Bitcoin Could Potentially Mirror Nasdaq ETF Rallies of 1999

adminJan. 8, 202504 mins

Benjamin Cowen suggests that the price action of Bitcoin (BTC) may resemble that of the Invesco QQQ exchange-traded fund (ETF) during the first 13 months following its launch approximately 26 years ago.

In a new video, Cowen informs his 855,000 YouTube subscribers that the QQQ ETF reached a local peak after experiencing a 150% increase in roughly one year post-launch. The QQQ ETF tracks the performance of the 100 largest non-financial companies listed on the Nasdaq stock exchange.

As the leading digital asset approaches the first anniversary of the launch of the spot Bitcoin ETF, Cowen posits that the cryptocurrency could exhibit similar price movements, although it is unlikely to “play out the exact same way.”

“In 1999, the QQQ ETF launched in March and surged from around $48 to $120. This rally from $48 to $120 took about 54 weeks – from $48 to $120…

…if you look at Bitcoin’s ETF, it launched at around $48,000… if you analyze the launch of the spot ETF for Bitcoin, it wicked up to $48,000 instead of descending to it as was the case with the QQQ [ETF]. Interestingly enough, 54 weeks later falls on January 20th – Inauguration Day [of President-elect Donald Trump]. This is intriguing because 54 weeks after the launch of the QQQ, it also was 54 weeks later that the QQQ moved from approximately $48 to $120.

Now consider this: if you examine Bitcoin on the daily timeframe and connect these highs here [$99,600, $104,100, and $108,200] and extend that out, what’s fascinating is if you take a price label and move it over to January 20th and align it with this trend line, it would position you at $120,000, which is exactly what the QQQ did—it climbed from $48 to $120, 54 weeks later.”

Source: Benjamin Cowen/YouTube

Cowen indicates that if Bitcoin’s price action closely mirrors that of the QQQ ETF in the first 13 months of its existence, a 48% decline could be a possibility.

“Obviously, this is very dubious, and we know that QQQ experienced a substantial drop after that…

…what I would find interesting is if Bitcoin reaches $120,000 at some point in a few weeks, what would the reaction be? One potential outcome… is that after hitting $120, the QQQ experienced a significant drop down to $63, which is quite a considerable decline.”

Source: Benjamin Cowen/YouTube