Potential Short-Lived Bitcoin (BTC) Rally Tied to Stock Market Trends, Says Crypto Analyst Benjamin Cowen
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- Bitcoin (BTC) may be acting as a “more volatile version” of the stock market, according to crypto strategist Benjamin Cowen.
- Cowen suggests that Bitcoin may be following the patterns of the Russell 2000 Index, NASDAQ and S&P 500.
- The analyst predicts that BTC may rise to its 50-day simple moving average (SMA) before experiencing another sell-off event.
Bitcoin (BTC) may be mirroring the stock market’s movements, albeit in a more volatile manner, according to crypto analyst Benjamin Cowen. This insight could provide traders with a new perspective on BTC’s price action.
Bitcoin’s Correlation with Stock Market
Benjamin Cowen, a widely followed crypto strategist, recently shared his observations with his 801,000 YouTube subscribers. He noted that the three major stock indexes – the Russell 2000 Index, NASDAQ, and S&P 500 – rose to around their 50-day simple moving average (SMA) before witnessing a pullback. Cowen suggests that Bitcoin may follow a similar trajectory, rising to its 50-day SMA before another sell-off event.
