Benjamin Cowen is suggesting that the price action of Bitcoin (BTC) could resemble that of the Nasdaq exchange-traded fund (ETF) Invesco QQQ 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 rising by 150% in about 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 flagship digital asset approaches its first anniversary since the launch of the spot Bitcoin ETF, Cowen posits that the crypto king could emulate similar price movements, although it is improbable that it will “play out the exact same way.”

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

…if you examine Bitcoin’s ETF, it launched at around $48,000… if you consider the launch of the spot ETF for Bitcoin, it wicked up to $48,000 instead of down to it like the QQQ [ETF] did. Interestingly, 54 weeks later falls on January 20th – Inauguration Day [of President-elect Donald Trump], which is noteworthy because 54 weeks after the launch of the QQQ, it was 54 weeks later that the QQQ transitioned from about $48 to $120.

Now observe this: if you look at 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 sort of price label and move it over to January 20th and ascend to this trend line, it would place you at $120,000, which is precisely what the QQQ accomplished – it rose from $48 to $120, 54 weeks later.”


Source: Benjamin Cowen/YouTube
Cowen states that if Bitcoin’s price action closely mirrors that of the QQQ ETF in the first 13 months of its existence, a 48% drop is a possibility.

“Obviously, this is very dubious, and we know that the QQQ experienced a significant drop afterward…

…what intrigues me is if Bitcoin finds itself at $120,000 at some point in a few weeks, what will the reaction be? One potential outcome… essentially what occurred with the QQQ is that after it reached $120, it experienced a substantial decline to $63, which is quite a significant drop.”


Source: Benjamin Cowen/YouTube
Bitcoin is trading at $101,484 at the time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook, and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney