Bitcoin vs S&P: Is Bitcoin Leading The Market?
There has been a lot of talk about the Bitcoin correlation with the S&P. So, I wanted to see what the correlation between Bitcoin and the S&P has been over the last few months. Here is what I saw:
The scale of this charts comparison isn't super important. But the general movements and relative time frames are super interesting. imo
Sept 29th - Oct 20th: Bitcoin started a 21 day move to the upside. This move took Bitcoin to a new all time high on Oct 20th. For the first 14 days of this run, the S&P remains range bound.
Oct 13th - Nov 8th: S&P makes a 21 day run to new all time high. During this time Bitcoin generally ranges. However it briefly peaks to a slightly new all time high on Nov 8, 9 and 10.
Nov 10th - Present: Bitcoin maintains a downward trajectory.
Nov 10th - Jan 4th, 2022: The S&P is generally range bound, but trends upwards, peaking into new all time highs a few times. Reaching its peak on Jan 4th.
Jan 4th - Present: S&P begins and maintains a downward trajectory; 55 days after Bitcoin began its downward move.
It could be argued that Bitcoin is actually leading the S&P. But how? It raises some fascinating questions:
Could it be that the crypto market is evolving rapidly enough, that it actually now moves in front of a behemoth like the S&P?
Is Bitcoin becoming a rapid bellwether of global market sentiment?
Will we see another diversion in the short to medium term, with Bitcoin leading the recovery move, while the S&P continues to correct?
The scale of this charts comparison isn't super important. But the general movements and relative time frames are super interesting. imo
Sept 29th - Oct 20th: Bitcoin started a 21 day move to the upside. This move took Bitcoin to a new all time high on Oct 20th. For the first 14 days of this run, the S&P remains range bound.
Oct 13th - Nov 8th: S&P makes a 21 day run to new all time high. During this time Bitcoin generally ranges. However it briefly peaks to a slightly new all time high on Nov 8, 9 and 10.
Nov 10th - Present: Bitcoin maintains a downward trajectory.
Nov 10th - Jan 4th, 2022: The S&P is generally range bound, but trends upwards, peaking into new all time highs a few times. Reaching its peak on Jan 4th.
Jan 4th - Present: S&P begins and maintains a downward trajectory; 55 days after Bitcoin began its downward move.
It could be argued that Bitcoin is actually leading the S&P. But how? It raises some fascinating questions:
Could it be that the crypto market is evolving rapidly enough, that it actually now moves in front of a behemoth like the S&P?
Is Bitcoin becoming a rapid bellwether of global market sentiment?
Will we see another diversion in the short to medium term, with Bitcoin leading the recovery move, while the S&P continues to correct?
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