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 a neighborhood 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 corporations listed on the Nasdaq inventory trade.
Because the flagship digital asset approaches the primary anniversary for the reason that launch of the spot Bitcoin ETF, Cowen says the crypto king might replicate comparable value motion, although it’s unlikely to “play out the very same means.”
“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 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 have a look at this, in case you 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 in case you seize the form of a value 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 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 received a big drop after that…
…what I’d be fascinated by is that if Bitcoin finds itself at $120,000 sooner or later in just a few weeks, what’s the response there? And one potential consequence… 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 reasonably large drop.”
Bitcoin is buying and selling at $101,484 at time of writing.
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