Ben Cowen Says Bitcoin Could Hit $58,000 if Nasdaq Returns to Summer Lows

Bitcoin could fall to $58,000 if the Nasdaq returns to its summer lows, analyst Ben Cowen said. Cowen said the Nasdaq Composite has erased all post-midterm gains and argued that Bitcoin (BTC) could follow it lower, according to BeInCrypto. The target is near Bitcoin’s June low, the weakest point of 2026; a retest would erase its entire rebound. Cowen compared the current market with 2018, citing tariff-linked cost pressures and arguing that AI fears now play a similar role to regulatory scrutiny of tech stocks then. The Nasdaq entered correction territory, defined as a decline of 10% or more from its peak.