Ben Cowen Says After Nasdaq Fall, Bitcoin Could Head Back to $58,000
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Crypto analyst Ben Cowen warned that Bitcoin could retrace to $58,000 after the Nasdaq erased its post-midterm gains, drawing parallels to the 2018-style selloff that followed a similar equity peak. The call implies roughly a 30% drawdown from recent levels near the mid-$80,000s, framing Bitcoin's near-term path as increasingly tied to weakness in tech equities. Cowen's thesis hinges on the Nasdaq's failed breakout, with the 2018 analogy suggesting a prolonged risk-asset unwind rather than a brief dip. Traders will watch whether Bitcoin holds support above $58,000 and whether the Nasdaq confirms a deeper correction, since a breakdown in either could accelerate the other.
Muhabbit's AI wrote this summary in its own words from BeInCrypto's report. It can get details wrong, so check the source.
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Ben Cowen, Bitcoin (BTC), Nasdaq
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