Bitcoin Is Differentiating From The USA: If It Drops To These Levels, It Will Provide A Great Opportunity!
Bitcoin's correlation with US stocks has fallen sharply since the beginning of June, and this presents an opportunity.
Bitcoin, which is known to be in a very close correlation with the global economy under normal conditions, has fallen sharply since the beginning of June, falling to the lowest levels since November 2023.
According to information received by The Block, Bitcoin's 30-day correlation with Nasdaq dropped to -0.84 and its correlation with S&P 500 dropped to -0.82. Bloomberg's report similarly stated that Bitcoin's 90-day correlation coefficient with Nasdaq dropped to 0.21 on Tuesday.
Bitcoin, which exceeded $70 thousand at the beginning of June and approached its all-time high, later showed a sharp decline. However, the indices of the US stock markets have continued their increases since June. European stock indices showed similar performances.
YouHodler official Russian Lienkha said that Bitcoin's divergence from stocks is happening in Germany, the USA and Mt. Gox stated that it was due to recent events of selling pressure from factors such as. Lihenka also stated the following:
However, these factors are temporary and the price is likely to recover soon. It is possible that the price may drop to the $50,000 to $52,000 range for a short time, but a quick recovery is expected.
The analyst also noted that the divergence between Bitcoin and US stocks will rebound and therefore present an arbitrage opportunity for investors.