The cryptocurrency world stands out as a constantly changing and developing field. While Bitcoin is considered the pioneer of the digital asset market, recently Bitcoin’s relationship with traditional financial indices has begun to attract more attention. A popular analyst pointed out the relationship between Bitcoin and the S&P 500 and revealed a bullish signal. Here are the details…
According to popular analyst Kaleo, Bitcoin (BTC) has attracted attention with its recent performance against the S&P 500 (SPX). Kaleo says Bitcoin is starting to form a breakout pattern against the SPX that has historically preceded an uptrend stated.
“Now, what gives me a little more confidence that we will see a continuation of this is this chart: BTCUSD/US500. If you’re feeling a little more aggressive, I think this will give you a little more confidence.
“If we look at these crosses (places marked with an x) over the past year, when BTC has a big downtrend against the S&P 500 throughout 2023… whenever we have one of these big downtrend breakouts in the crosses, we have seen pretty good follow-through, good momentum.”
The analyst is closely monitoring whether the leading cryptocurrency can decisively break into the $28,000 range and thinks this will confirm BTC’s bullish momentum.
“I am on the side that thinks this will go even higher. I think we have the outlet we were looking for. “If you really want to be a little more cautious, I think $28,000 is the level you should be waiting for in terms of USD price.”
In a more recent post, the analyst emphasized that Bitcoin is at the bottom price:
“I still think this is a buy-the-dip opportunity. This year we have seen a few pullbacks like this following the breakout in HTF, which then turned into higher highs (new high higher than the previous high). (…) Uptober (an expression indicating that October is a rising month) is not over yet.”
At the time of writing, Bitcoin is trading at $27,561, down 1.5% in the last 24 hours.
You can follow the current price movement here.