Bitcoin’s latest drop below $74,000 has reignited debate over what is actually driving the selloff. Benjamin Cowen believes the answer is simpler than many crypto-specific explanations. Throu
Bitcoin’s latest drop below $74,000 has reignited debate over what is actually driving the selloff.
Benjamin Cowen believes the answer is simpler than many crypto-specific explanations.
Throughout 2026, Cowen has argued that Bitcoin’s Q4 weakness would come from a correction in equities. With technology stocks now under heavy pressure and Bitcoin sliding alongside them, he says that thesis is playing out.
The Nasdaq recently suffered its worst selloff in more than a year as concerns around AI valuations and future regulation erased trillions of dollars in market value. Bitcoin fell at the same time, reinforcing the idea that the current move is part of a broader risk-off event rather than an isolated crypto collapse.
Cowen’s argument is based on previous midterm-cycle years.
He points to 2014, 2018 and 2022 as periods when Bitcoin struggled in Q4 while equities were also going through corrections.
The historical data does show that Bitcoin had weak fourth quarters in those years.
Bitcoin fell 16.7% in Q4 2014, 42.2% in Q4 2018 and 14.8% in Q4 2022.
But the relationship is not perfectly mechanical.
The three periods had very different crypto-specific problems. In 2018, Bitcoin was still unwinding the 2017 bubble. In 2022, the market was dealing with the collapse of major crypto companies and the FTX crisis.
Throughout 2026, I have said that the reason for Bitcoin to drop in Q4 is due to a correction in equities. This is what happened in Q4 of 2014, 2018, and 2022 as well. People can mock these ideas (and they have), but it does not stop the events from happening all the same.
— Benjamin Cowen (@benjamincowen) November 9, 2026
So Cowen’s point is better understood as a macro-cycle observation: Bitcoin tends to become especially vulnerable when equity markets are already losing momentum during these parts of the cycle.
The current setup fits that argument reasonably well.
Bitcoin recently fell to about $73,700, its lowest level since August, as crypto sentiment weakened after the U.S. midterms. At the same time, technology stocks have been hit by concerns over expensive AI valuations and the amount of capital being spent on data-center expansion.
That matters because Bitcoin increasingly trades like a high-beta risk asset during periods of market stress.
When investors reduce exposure to technology stocks and other speculative assets, crypto often gets caught in the same deleveraging cycle.
This does not mean every Bitcoin selloff is caused by stocks.
It does mean Cowen’s macro explanation fits the current environment better than blaming one individual crypto headline.
Bitcoin also has its own problems right now.
Recent regulatory uncertainty, the Binance hack, weak ETF flows and heavy liquidations have all added pressure.
Those factors can amplify the move.
But Cowen’s broader argument is that the original spark is coming from traditional markets.
That view is difficult to dismiss when Nasdaq weakness, AI-stock selling and Bitcoin losses are happening almost simultaneously.
The real test now is what happens if equities stabilize.
If technology stocks recover and Bitcoin still keeps falling, the crypto-specific bear case becomes stronger.
If Bitcoin rebounds alongside equities, Cowen’s explanation will look even more convincing.
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The post Benjamin Cowen Explains the Real Reason Bitcoin Price Is Crashing appeared first on CaptainAltcoin.
