š Bitcoin is rising in correlation with the U.S. stock market and gold, what does it mean for the market? š
Recently, Bitcoin (BTC) has reached a two-year high in correlation with the U.S. stock market, the last time this phenomenon occurred was during the market correction in 2022.
With the Federal Reserve's interest rate cuts and the release of positive macro data, not only the cryptocurrency market is thriving, but Wall Street stocks are also singing all the way, and the investment market is optimistic!
Although the Nasdaq Composite Index failed to break its all-time high in July, the Dow Jones Industrial Average and the S&P 500 Index both hit all-time highs. In the cryptocurrency market, the price of Bitcoin also broke through $66,500 for the first time in two months.
At the same time, the correlation between Bitcoin and gold has also reached a multi-month peak. As the price of gold has soared and set new highs frequently, people began to wonder when Bitcoin will break through the all-time high of $73,800 set in March.
According to historical data, the fourth quarter is usually good news for Bitcoin, with an average return of about 110% over the past decade.
According to Coinglass data, October and November are the two most bullish months for Bitcoin, which combined with current market sentiment and data could mean Bitcoin is about to hit a new all-time high.
š¬What do you think of the current market trends? Do you think Bitcoin will hit a new high before the end of the year? What does Bitcoin's high correlation with the US stock market and gold mean for the market?
