{"id":297565,"date":"2024-05-08T02:49:15","date_gmt":"2024-05-07T21:19:15","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=297565"},"modified":"2024-05-08T02:49:15","modified_gmt":"2024-05-07T21:19:15","slug":"bitcoin-rally-could-be-short-lived-if-btc-follows-stock-market-according-to-analyst-benjamin-cowen-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-rally-could-be-short-lived-if-btc-follows-stock-market-according-to-analyst-benjamin-cowen-crypto-news\/","title":{"rendered":"Bitcoin Rally Could Be Short-Lived if BTC Follows Stock Market, According to Analyst Benjamin Cowen – Crypto News"},"content":{"rendered":"

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A widely followed crypto analyst says that Bitcoin (BTC<\/a>) may be acting as a \u201cmore volatile version\u201d of the stock market.<\/p>\n

In a new video update, crypto strategist Benjamin Cowen tells<\/a> his 801,000 YouTube subscribers that Bitcoin may be following in the footsteps of the Russell 2000 Index, NASDAQ and S&P 500.<\/p>\n

According to the analyst, the three major stock indexes rose to around their 50-day simple moving average (SMA) prior to witnessing a pullback. Cowen says that BTC may also rise to its 50-day SMA before another sell-off event.<\/p>\n

\u201cYou have the S&P, the NASDAQ and the Russell all closing Friday just below their 50-day moving average. A couple of weeks ago, we were talking about the S&P, the NASDAQ and the Russell were all at their bull market support band and for some reason Bitcoin was not.<\/em><\/p>\n

And if [Bitcoin] is just a more volatile version of the stock market, it would stand to reason that if you\u2019re going to get a correction by the S&P and the NASDAQ and the Russell to the 20-week SMA, 21-week EMA (exponential moving average) you\u2019re probably going to see it happen for Bitcoin. And now it has.<\/em><\/p>\n

But then we just showed that the S&P, the Russell, the NASDAQ just went back up to their 50-day moving average. Then it raises the question where\u2019s the 50-day moving average for Bitcoin?..<\/em><\/p>\n

It\u2019s roughly $66,000\u2026<\/em><\/p>\n

Now if it doesn\u2019t get here, that would imply a lot of weakness in the cryptoverse. If it gets there, then it is just more evidence once again that we are just sort of operating as a more volatile version of the stock market and maybe even a somewhat lagged version of the stock market.\u201d<\/em><\/p>\n

Source: Benjamin Cowen\/YouTube<\/figcaption><\/figure>\n

Yesterday, BTC hit a high of $65,520. At time of writing Bitcoin is trading for $63,711.<\/p>\n