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

On Nov. 5, 2026, crypto analyst Ben Cowen said a decline by the Nasdaq Composite to its summer lows could pull Bitcoin to $58,000, near its June low and the lowest level of 2026, wiping out its recovery. He noted the Nasdaq had erased all gains made after the midterms. Cowen compared the setup to 2018, when the S&P 500 rose 2.1% the day after the midterms before falling into December amid Federal Reserve tightening signals, tariff-related cost warnings and tech regulatory scrutiny. He argued tariffs, AI concerns and expectations for two more rate hikes could produce a similar market pattern. The Fed held rates at 3.75% to 4% last week.