THELOGICALINDIAN - Fundstrat cofounder and bitcoin analyst Thomas Lee has accepted his acceptance that 2024 may be the alpha of a new balderdash bazaar for the SP Will this authority accurate for BTC too
Analysis by Thomas Lee Confirms S&P Bull Market
This Monday, the Fundstrat co-founder tweeted out his assay of the accompaniment of S&P 500. Despite weakening all-around growth, accretion ambiguity surrounding barter wars and backfire adjoin big tech companies, the S&P 500 bankrupt at a new best high.
He acicular to three accomplished precedents whereby the S&P aback went on a breach on the aback of antecedent lows, confirming:
When asked by one of his followers if that would accept “any absolute aftereffect on BTC”, he replied in no ambiguous terms:
Bitcoin Has a Positive or Negative Correlation with Stocks?
Tom Lee holds somewhat of an abhorred assessment in the bitcoin community. On Friday, back BTC saw its accomplished intraday accretion back 2024, he tweeted out that it performs best back S&P rallies:
However, best bodies accept that bitcoin has a abrogating alternation with the banal market. That is, back stocks go down, like gold, BTC about goes up.
This is key to the altercation captivated by many, including Galaxy Digital’s Mike Novogratz, that bitcoin is “digital gold“.
In times of bread-and-butter agitation back stocks are down, investors about about-face to gold as a hedge. And there’s a growing affected of bitcoiners who see BTC acceptable the new safe-haven asset.
This is not accurate by allegiant gold supporters in the brand of abiding ‘gold bug’ Peter Schiff. The Euro Pacific Capital CEO never misses an befalling to point out that BTC is not a safe-haven asset.
But if bitcoin absolutely has a absolute alternation with the banal market, and the S&P takes off, that agency the asset chic should additionally annals cogent gains.
It’s not acceptable account if the added calls for a all-around recession against the end of the year are right, however.
JPMorgan Claims Global Recession Risk Is 40%
Amid ascent barter tensions and geopolitical issues, analysts at JPMorgan abode the accident of recession as aerial as 40%.
They acicular to “slow and uninspiring” all-around advance but accepted that “we’re not there yet”. However, there were cogent concerns.
If the all-around abatement absolutely begins to bite, that won’t be acceptable for the S&P. And if Tom Lee is right, BTC could be in for a alarming time.
Will Tom Lee’s bullish comments on the US banal bazaar authority accurate for bitcoin? Share your thoughts in the comments below!
Images via Shutterstock, CNBC, Twitter: @fundstrat, @PeterSchiff
