The Next Bull Run of bitcoin May Be Sparked From S&P 500 Uptrend

Bitcoin's Next Bull Run May Be Sparked By S&P 500 Uptrend, Claims Analyst

"Unpopular view, Bitcoin will not make a new high until S&P 500 creates a new high. $BTC has been rangebound because macro trendless. Confirmed from our Bitcoin Misery Index falling from 66 (50 today ). Since 2009, best years for Bitcoin is when S&P 500 >15%," he noted. Co-founder of Fundstrat Global Advisors and a prominent Bitcoin bull, thomas Lee, explained in a tweet he believes the S&P 500 could be a key influence in the cryptocurrency's price action.

Bitcoin continues to be captured in a broad trading range within the past weeks and days, as it's been finding support in the reduced -region which confronting strong resistance in the top -region. It's essential to be aware that a single analyst is now explaining that he believes the S&P 500's performance on a yearly basis affects Bitcoin, since BTC years have been the ones where the S&P climbs over 15%. BTC reaction to every dip under the main five figure price region bolsters its present bullishness, since it signals this region is filled with buying. -- Thomas Lee (@fundstrat) September 12, 2019 Featured picture from Shutterstock.

-- Since 2009, best years for Bitcoin is when S&P 500 >15% #Bitcoin#BTFD pic.twitter.com/1gWqZlnxfE

Bitcoin (BTC) has been confronting a lengthy bout of consolidation ever since it was rejected at its own 2019 drops of $13,800 before this past summer. Following the market ascent slowed simultaneously, the stocks markets have confronted a period of money during 2019. It remains uncertain as to whether their performance is really correlated, or whether or not Bitcoin along with also the S&P 500's macro-uptrends since 2009 are purely coincidental. Either way, watching to see how BTC fares within the next downtrend or recession will likely illuminate whether or not it is an asset that is uncorrelated.

Can S&P 500 Make a Key BTC Influence?

At the near-term, how the crypto responds to the top -$10,000 region will be crucial in understanding whether or not it currently has enough momentum to climb back towards its own 2019 drops of just below $14,000. -- $BTC has been rangebound because macro trendless. Confirmed by our Bitcoin Misery Indicator falling out of 66 (50 today ) Unpopular view, Bitcoin will not make a high until S&P 500 creates a new highquality. At the time of writing, Bitcoin is investing up over 2% in its current price of $10,315, which marks a surge from the lows of $10,000 which were set.