Thursday, January 9, 2025

‘Very Doubtful’ Hypothesis Suggests Bitcoin Might Observe Nasdaq ETF Rallies of 1999: Benjamin Cowen

Benjamin Cowen is saying that the value 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 high after going up by 150% in roughly one yr following the launch of the ETF.

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

Because the flagship digital asset approaches the primary anniversary because the launch of the spot Bitcoin ETF, Cowen says the crypto king might replicate related value motion, although it’s unlikely to “play out the very same method.”

“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…

…in case you have a look at Bitcoin’s ETF, it launched at round $48,000… in case you have a look at the launch of the spot ETF for Bitcoin it depraved as much as $48,000 as a substitute of right down to it prefer it did with the QQQ [ETF]. However apparently 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 have a look at this, in case you go to Bitcoin on the every day time-frame 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 in case you seize the kind of a value label and also you go over to January twentieth and go as much as this development line it might put you at $120,000 which is precisely what the QQQ did – it went from $48 to $120, 54 weeks later.”

Supply: Benjamin Cowen/YouTube

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

“Clearly that is very doubtful and clearly, we all know that QQQ bought a big drop after that…

…what I might be involved in is that if Bitcoin finds itself at $120,000 sooner or later in a couple of weeks, what’s the response there? And one potential end result… principally what occurred with the QQQ is after it hit $120, it had a big drop right down to $63, which is a fairly large drop.”

Supply: Benjamin Cowen/YouTube

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

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Disclaimer: Opinions expressed at The Day by day Hodl should not funding recommendation. Traders 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 personal danger, and any losses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in online marketing.

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