A popular crypto analyst said that the Bitcoin market might be in a phase where it may start to outperform against SPX (S&P500).
The current trade price of Bitcoin (BTC) is $64,300 & this trade price is only 2% higher over the last 7 days.
Notably the trade price of Bitcoin has been silent, after Bitcoin halving. In particular, the Bitcoin trade price has been fluctuating around $63k over the last 60 days.
In this phase of the Bitcoin bull run, the majority of the Bitcoin investors are waiting for a very big rally but no one has any perfect clue of the initial phase of the next Bitcoin rally.
On 25 April 2024, Kevin, a famous crypto trader, took to the social media platform X (formerly Twitter) to share his analysis of the Bitcoin market.
Kevin’s analysis reveals an intriguing trend between Bitcoin (BTC) and the S&P 500 (SPX), as depicted on an inverted chart. Both assets are currently undergoing a period of consolidation, positioned just below their respective all-time highs. This observation suggests a potential scenario where Bitcoin may outperform the traditional stock market soon.
Investors are closely monitoring this development, anticipating significant shifts in market dynamics.
Jack Mallers on Bitcoin Price
In a recent interview with Davin Li, the CEO of Bitcoin’s Lightning Network wallet Strike Jack Mallers talked about his prediction on the trade price of Bitcoin.
Jack said that the majority of the people are not interested in government bonds and the majority of the bond-holders are traditional banks.
Strike CEO believes that the efforts to save these bonds by the central banks are going to result in the pump of the trade price of other assets.
According to his analysis, Bitcoin may pump to $250k to $1M in those scenarios.
Read also: Cardano founder says “Crypto doesn’t want to set the world on fire”
