Is Bitcoin’s Fate Written in the Stars of the Nasdaq QQQ ETF?

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😱 Brace yourselves, Bitcoin enthusiasts! The digital gold might be in for a wild ride, thanks to its unexpected connection with the Nasdaq QQQ ETF. According to top analyst Benjamin Cowen, historical market trends between these two assets could hold the key to Bitcoin’s future. 🔑

Remember when QQQ launched at around $48-49 and skyrocketed to $120 within just 54 weeks? 🚀 Well, it hit a rough patch when it struggled to hold above $100, causing a massive correction that sent it plummeting to the $80 range and even lower. 📉

Now, let’s talk about Bitcoin. After the launch of the spot ETF, it surged from $48,000 to the top within a 54-week time frame. 📈 QQQ saw its peak at around the 54-week mark, followed by three consecutive weeks of declines before it finally bounced back. So far, Bitcoin’s trajectory is somewhat similar, showing us a new high and then two weeks of correction in a row. 🤔

If everything aligns, Bitcoin is set for another week of downside before we finally see relief. 🤞 But wait, there’s more! Bitcoin’s post-halving history also shows a great possibility of a correction in January. 📅 The volatility surge and uncertainty on the market in general should also increase by the end of winter. ❄️

Bitcoin dominance is also rising, which pushes altcoins to their limits, aggravating their performance and potential changing capital flows toward the digital gold. So, expecting a drop among the top alts with the recovery of BTC is not unusual. 📉

Now, before you start panicking, remember that expecting an exact repetition of the aforementioned trends might not be the most optimal strategy. 😜 Markets are not guaranteed to follow past history, and deviations happen constantly, considering the nature of both traditional and cryptocurrency markets. 💸

The overall market picture is intact though – if BTC fails to hold important support levels, expect a price dive, which will solidify the current tendency on the market. 📉 So, buckle up, Bitcoin fans! It’s going to be a bumpy ride! 🎢

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2025-02-10 11:32