The S&P 500 index is on a roll, surging to new heights and leaving investors buzzing with excitement. Currently at 5,738.16, the market has climbed a staggering 9.22% since its mid-March peak of 5,253.63. But that’s not all.
Cryptocurrency expert Miles Deutsher has delved deep into the S&P 500 market and uncovered some mind-blowing connections to the Bitcoin world. Are you ready to discover how these two seemingly different markets are intertwined? Keep reading.
Right now, the price of Bitcoin (BTC) is $65,607.99. In mid-March, BTC reached an all-time high of $73,000, meaning it is currently 11.26% lower than that peak.
Historically, there has been some correlation between the performance of stocks and Bitcoin. Decutscher, like many experts, anticipates the possibility of Bitcoin following the path of the S&P 500. If the Bitcoin market archives a 9% increase from its yearly peak, its price will reach as high as $81,000.
The primary observation of Decutsher is that the Bitcoin market is currently lagging behind the S&P 500 market. It seems that Decutsher is very confident about the possibility of the Bitcoin market catching up with the momentum of the S&P 500 market.
Recently, the Bitcoin market has entered a bullish phase. Although the first week of the month was relatively quiet, buyers pushed prices higher in the second and third weeks. Since September 7, the market has not experienced significant selling pressure, except for a brief drop between September 14 and 16, when the price fell from $60,452 to $58,136. In the last seven days, the market has risen by at least 4.1%.
As the crypto market heads into the fourth quarter of the year, expectations are high. Historically, Q4 has been a favorable time for cryptocurrencies. Deutsher’s prediction adds to the general belief that Bitcoin may reach a new all-time high in the coming quarter.
Do you believe Bitcoin will reach a new all-time high this year? Share your insights and predictions.
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