Bitcoin Uptrend Expected Based on BTC/SPX Ratio, Suggests Macro-Economist
According to macro-economist Henrik Zeberg, Bitcoin and other risk assets are primed for a significant move, based on the BTC/SPX Ratio. This indicator compares Bitcoin’s performance to the S&P 500 index (SPX), and Zeberg believes that the Bitcoin uptrend is just getting started. Recent dips in September could offer opportunities for traders to accumulate.
The BTC/SPX Ratio, an indicator that evaluates the relative performance of Bitcoin and the stock market, is currently rising, indicating Bitcoin’s outperformance. A Bitcoin bull signal in February 2023 led to a substantial Bitcoin uptrend, reaching approximately $32,000 by July 2023. Despite a cooling-off period, Bitcoin trends above February highs, confirming the Bitcoin uptrend.
Zeberg’s assessment suggests that Bitcoin and other risk assets can post strong gains in the coming months. However, while the BTC/SPX Ratio indicator is bullish, it is impossible to predict how high the Bitcoin uptrend will continue. If history repeats itself, Bitcoin could surge by 6X, potentially pushing beyond $200,000 in this Bitcoin bull cycle.
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