Analyst Ben Cowen suggests that Bitcoin may retest the $58 000 level following a decline in the Nasdaq Composite. This price point aligns with the June low, which marked the weakest performance for the cryptocurrency in 2026. Cowen notes that the Nasdaq has already lost its post-midterm gains and entered correction territory, defined as a drop of at least 10% from its peak.
The analyst draws parallels to market conditions in 2018, citing three primary factors that pressured stocks: Federal Reserve interest rate policy, tariff-related cost increases, and regulatory scrutiny of large platforms. Cowen argues that current market expectations for two additional rate hikes, combined with inflationary pressures from tariffs and concerns surrounding artificial intelligence, mirror the previous downturn.
Recent market data shows the Dow Jones Industrial Average closed approximately 1 800 points lower on Thursday. While some analysts, such as Morgan Stanley strategist Mike Wilson, view midterm dips as potential buying opportunities, Cowen maintains that Bitcoin remains correlated with the performance of major technology stocks. The potential for a rebound depends on whether the Federal Reserve adopts a more dovish stance.
