Benjamin Cowen is saying that the worth motion of Bitcoin (BTC) may mirror that of the Nasdaq exchange-traded fund (ETF) Invesco QQQ through 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 corporations listed on the Nasdaq inventory alternate.
Because the flagship digital asset approaches the primary anniversary for the reason that launch of the spot Bitcoin ETF, Cowen says the crypto king may replicate comparable value motion, although it’s unlikely to “play out the very same manner.”
“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…
…when you take a look at Bitcoin’s ETF, it launched at round $48,000… when you take 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 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 take a look at this, when you go to Bitcoin on the day by day timeframe and also you join these highs right here [$99,600, $104,100 and $108,200] and also you simply prolong that out what’s fascinating is when you seize the type of a value label and also you go over to January twentieth and go as much as this development 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 intently 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 obtained a big drop after that…
…what I might be desirous about is that if Bitcoin finds itself at $120,000 in some unspecified time in the future in a number of 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 fairly large drop.”
Bitcoin is buying and selling at $101,484 at time of writing.
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