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 Deutscher, 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.
Bitcoin Could Surpass All-Time Highs Sooner Than Expected
The S&P 500 is now sitting 9% above its yearly high. However, Bitcoin is still lagging, being 11% below its yearly high of $74,000. If BTC catches up to stocks and achieves a 9% increase above its yearly high, this would imply a BTC price of $81,000.
The Possible Influence of Stock Market on Bitcoin
Historically, there has been some correlation between the performance of stocks and Bitcoin. Deutscher, like many experts, anticipates the possibility of Bitcoin following the path of the S&P 500. If the Bitcoin market achieves a 9% increase from its yearly peak, its price will reach as high as $81,000.
Stock Market Trends and Bitcoin
The S&P 500 is currently demonstrating strong bullish behavior, sitting 9% above its yearly high. In contrast, Bitcoin is still 11% below its yearly high of $74,000. Should Bitcoin align with the S&P 500’s trajectory, it could see its price surge to $81,000.
Will Bitcoin Catch Up Soon?
The primary observation of Deutscher is that the Bitcoin market is currently lagging behind the S&P 500 market. It seems that Deutscher is very confident about the possibility of the Bitcoin market catching up with the momentum of the S&P 500 market.
Future Prospects of Bitcoin
With the S&P 500 currently 9% above its yearly high, Bitcoin is still trailing at 11% below its yearly peak of $74,000. Deutscher’s analysis suggests that if Bitcoin catches up to the S&P 500, we could see its price rise to $81,000. The catchup phase appears to be beginning.
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%.
Market Dynamics and Trends
The Bitcoin market has shown significant bullish tendencies recently. Although the beginning of the month was slow, the momentum picked up in the following weeks. Since September 7, there has been minimal selling pressure, except for a brief dip between September 14 and 16. Over the past week, Bitcoin’s market value has increased by at least 4.1%.
Conclusion
The crypto market is set to enter the fourth quarter of the year, which has traditionally been highly favorable. Experts predict that BTC will create a new all-time high in the final quarter, fueled by the momentum seen in the past weeks and the potential for Bitcoin to catch up with the S&P 500.
