Bitcoin All-Time High And Altcoin Season Are On The Way – Wall Street Analyst Reveals The Trigger
Bitcoin-related predictions are getting more and more optimistic despite the fact that the coin hasn’t been surging for a while.
The crypto market has instead been extremely volatile during the past few weeks.
At the moment of writing this article, Bitcoin is trading in the green on CMC and the most important coin in the market is priced at 10,350.02.
The major catalyst for the next BTC bull run
The co-founder and head of research at Fundstrat said that a healthy S&P 500 would be the major catalyst for the very next Bitcoin bull run.
In a new interview on CNBC’s Fast Money, Tom Lee says BTC has thrived when the S&P 500 is doing well.
“Bitcoin has stalled recently because the macro outlook has stalled. In a world without trend, Bitcoin doesn’t go up. So I think the next big catalyst is a decisive breakout in the equity markets because once equities reach an all-time high, Bitcoin becomes a risk-on asset,” Tom Lee said.
He continued and explained that “We published a piece today showing our clients that if you look at the last 10 years and take the three or four best years of the S&P, they’ve all coincided with the best years for Bitcoin. So Bitcoin does best when the S&P is up more than 15%.”
Lee also said that regarding the narrative that Bitcoin is emerging as a hedge against economic uncertainty and said that this is definitely a possibility.
— CNBC's Fast Money (@CNBCFastMoney) September 12, 2019
Check out the video in order to learn more about what he had to say.
Bitcoin to hit an all-time high before the halving
It’s been reported that a popular technical and fundamental crypto analyst on TradingView said that he believes that Bitcoin will hit a new all-time high before the next halving hits us in May next year.
FilbFilb cited Bitcoin’s stock-to-flow ratio as a key indicator for mapping out BTC’s future regarding price.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.