The post Bitcoin Price Prediction: Will BTC Follow the S&P 500’s Bullish Path? appeared first on Coinpedia Fintech News
The S&P 500 index currently looks bullish. At present, it stands at 5,738.16. Since its mid-March peak of 5,253.63, the market has achieved at least 9.22% growth. Miles Deutsher, a crypto expert, conducted a comparative analysis between the S&P 500 market and the Bitcoin market. Some of the insights from his analysis are truly astounding. Read on!
Bitcoin’s Current Position
In this article, we explore the Bitcoin price prediction. Right now, the price of BTC stands at $65,607.99. In mid-March, it touched an all-time high of $73,000. This indicates that the current price of BTC is at least 11.26% lower than the all-time high.
The Possible Influence of Stock Market on Bitcoin
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.
Will Bitcoin Catch up Soon?
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.
Bitcoin Market Landscape: An Overview
The Bitcoin market has recently entered bullish territory. Though in the first week of the month, the market appeared largely dull, in the second and third weeks buyers pushed the price higher and higher. Interestingly, since September 7, the market has not experienced serious selling pressure, except during the period between September 14 and 16 when the price was briefly pulled to $58,136 from $60,452. In the last seven days alone, the market has seen a rise of at least 4.1%.
In conclusion, the crypto market is set to enter the fourth quarter of the year. Traditionally, Q4 has been highly favorable. The prediction by the expert adds to the general expectation that the BTC will create a new all-time high in the final quarter.
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