Bitcoin Braces for Impact: Crypto Analyst Foresees Correction if Stock Rally Fades.
Crypto analyst Jason Pizzino tells his 350,000 YouTube subscribers: brace for impact. He foresees a Q2 tumble in the S&P 500 and given the past relationship of Bitcoin with stock markets, it too might be pulled down. Is your portfolio ready for the oncoming crash?
Pizzino suggests the SPX may swing lower in the second quarter based on its historic performance pattern.
Picture drawing a line, this time not in sand, but across the two decades of highs and lows of the S&P. That’s what we’ve basically done with a visual journey of this wild ride, marking its most dramatic swings of temper.”
“Peering in the past through the window, a recurring theme unfolds: an ascendancy in the month of December that hits its peak levels in February and then settles down into April. The months of May and June offer temporary relief through minor corrections. The mid-year period brings the JPG and so on, but the fourth quarter brings clarity back. This historical pattern opens the door for the possibility of a Bitcoin pullback in the current quarter. There’s actually been an upward momentum for weeks now, so a correction seems not just plausible but actually likely.”
Source: Jason Pizzino/YouTube
For a potential bull run in Bitcoin, there must be something generated by familiar culprits, Pizzino goes on to say: the US dollar. The DXY’s downward move could send investors scrambling toward Bitcoin, drawn by this growing reputation as digital gold: a safe harbor for troubled financial times.
The DXY, which has been declining, pits the USD against a basket of other major foreign currencies.
The dollar enjoyed a little breather after being down. While traditionally these would not be bullish signs, this is interesting as Bitcoin keeps going up. The money haltcouldgrant more room for BTC to stretch further in the upcoming weeks, mainly if any near-term price correction manages to shake out the weak hands.
Source: Jason Pizzino/YouTube
Bitcoin is trading for $97,346 at time of writing, flat on the day.
Generated Image: Midjourney
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