The latest analysis from several well-known crypto experts shows that the bear market narrative should be abandoned.
Despite everyone talking about a new macro BTC price low, likely at $12,000, new perspectives necessitate a rethink.
Experts predict a massive bull run in BTC price which might lead the token to hit the $110k mark.
Meanwhile, several technical analysts believe that Bitcoin might be preparing for another correlation with S&P500. The S&P500 is a stock market index that tracks the stock performance of 500 big companies listed on US stock exchanges.
If this is the case, we will soon witness the dominance of the US market once again on the prices of top cryptocurrencies.
BTC to Experience a Massive Bull Run
According to macro analyst Henrik Zeberg's theory, which includes a macro market catalyst, Bitcoin will soon hit a level of $110K in 2023.
Henrik noted that Bitcoin is still acting like risky US assets, but not gold. He also stated that the FTX crisis has weakened the correlation between the two markets. However, he believes that even a single tide in the US market will propel Bitcoin above the $110,000 threshold. He said:
“Bitcoin moves like a risk asset (not like gold!). When the S&P500 explodes higher in the Blow-Off Top towards the target range of 5700 - 6000, Bitcoin should reach 90k - 110k level.”
The macro analyst also provides a chart to better understand the correlation between the Bitcoin and S&P 500.
By analyzing the above-given chart, it is almost clear that the US equity market will soon experience a massive bullish trend, enabling Bitcoin to hit its projected target.
Not only Henrik but also prominent trader Alan Tardigrade and technical analyst Mags shared their views regarding the bullish divergence in the Bitcoin price.
Bitcoin remains highly volatile
In the past few days, the crypto market has seen substantial dumping and selling of Bitcoin by large whales. As a result, Bitcoin's price is currently trading at $16,587, which increased 1.5% in the last 24 hours.
If the experts' predictions come true, it will help the users to rebuild faith in cryptocurrencies and increase adoption rates.
What do you think, will Bitcoin again show a correlation with the stock market or de-couple further? Share your views in the comment section below.
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