Crypto trader Kevin has suggested that Bitcoin (CRYPTO: BTC) could be on the brink of outperforming the S&P 500.
What Happened: On Thursday, Kevin, a well-known crypto trader, took to social media platform X to share an intriguing insight. He pointed out that the chart for Bitcoin (CRYPTO: BTC) versus the S&P 500 is showing signs of consolidation just below all-time highs. This, he suggested, could indicate a potential outperformance of Bitcoin against the stock market.
“#BTC vs #SPX (S&P500) on the inverted chart looks very interesting here consolidation right below all time highs. We might be on the verge of a #BTC outperformance against the #StockMarket,” Kevin wrote.
Kevin’s post was accompanied by a chart that illustrated the BTC/SPX relationship, suggesting that a significant shift might be imminent. The crypto trader is formerly known as OG_Yomi on X.
See Also: Holding 6 Ethereum (ETH) Could Make You A Millionaire, According to Cathie Wood
Why It Matters: The recent market movements have been a topic of concern for many investors. Just a day before Kevin’s post, Bitcoin witnessed a significant technical indicator, prompting a sell-off signal on its 12-hour chart. This development raised concerns among traders and investors.
Despite these challenges, some traders are optimistic about Bitcoin’s future. Pseudonymous cryptocurrency trader Tim argues that Bitcoin’s current consolidation phase is “healthy” and anticipates the next leg up.
Bitcoin has been facing a series of challenges, including falling below the key $64,000 level following GDP and jobless claims data. Despite these challenges, the cryptocurrency has shown resilience and is currently consolidating just below its all-time high.
Renowned economist and cryptocurrency skeptic, Peter Schiff, warned Bitcoin holders of a potential drop if the coin fails to hold the $60,000 support level.
Price Action: Bitcoin is currently trading at $64,251, reflecting a marginal decline of 0.36% over the past 24 hours. However, the cryptocurrency has surged by an impressive 45.46% year-to-date, based on data from Benzinga Pro.
Image Via Pixabay
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