Ben Cowen Says After Nasdaq Fall, Bitcoin Could Head Back to $58,000

Crypto analyst Ben Cowen, says the Nasdaq Composite has erased all post-midterm gains. He says a slide to its summer lows could drag Bitcoin (BTC) to $58,000. That price sits near Bitcoin’s June low, the weakest point of 2026, so a retest would erase its entire rebound. Does Ben Cowen’s 2018 Parallel Hold Up? Cowen points to 2018, when the S&P 500 gained 2.1% the day after the midterms. However, three events then drove stocks lower into December, he says. First, Federal Reserve (Fed) Chair Jerome Powell said in October 2018 that rates sat far from the neutral level. CNBC tied that remark to the S&P 500’s worst month since 2011. Meanwhile, Cowen says markets now price two more rate hikes despite the tech selloff.

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