Benjamin Cowen Projects Bitcoin Breakout Against Nasdaq

According to Benjamin Cowen, a widely-followed crypto market analyst, Bitcoin (BTC) and tech stock price action has been very similar for a couple of months now.

Cowen shared in a recent video update with his 729K subscribers on YouTube that Bitcoin is trading below its bull-market support band against the USD.

The bull-market support band is an indicator used in technical analysis, which combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

But, the case looks very different for Bitcoin’s chart against the Nasdaq. Cowen said:

“The valuation of Bitcoin against the Nasdaq actually shows it’s above some of these shorter-term moving averages. In fact, it seems like the Bitcoin valuation against the Nasdaq is sort of building up to something. The window that it’s moving between is getting smaller as time goes on…

If you extend this out you can see that they will ultimately converge by the beginning of 2023.”

Cowen says that Bitcoin has been printing higher lows and lower highs against Nasdaq since late 2020.

Based on Bitcoin’s historical performance against Nasdaq, BTC is “more likely” to move up than down against the index, the analyst estimates.

At the time of writing, BTC trades at $39,210, up 2% on the daily chart, but down 5.5% on the weekly time frame.