A crypto strategist known for making timely Bitcoin calls believes a BTC bull rally is still a ways off.
The widely followed pseudonymous crypto trader Wick tells his 155,800 followers on X that the S&P 500 (SPX) is printing a bearish pattern against Bitcoin, setting the top crypto asset up for a deeper correction for one main reason.
“S&P vs. BTC: everyone thinks that Bitcoin is going on a bull run. I think there is no chance of that happening…
If you think stocks are going to continue to decline further you might want to rethink your BTC bull market outlook.”
The analyst predicts that there will be a deeper stock market correction that will cause investors to sell Bitcoin, because he believes the top crypto asset continues act as a risk-on asset.
“This is the [SPX/BTC] structure getting more bearish…
If this trend continues, either Bitcoin is going up or there’s another scenario which I think is more likely to happen. Everyone thinks that this means that Bitcoin is going to go up. But what’s more likely to happen is that eventually if the stock market falls low enough, we’ll go into more of a risk-off scenario, and at some point people will start taking more of their profits and their principle off of Bitcoin, and Bitcoin will again revert to a risk-off environment. It’ll not shine in a risk-off environment. It never has, because it’s a risk-on asset.
That’s my opinion. I could be wrong. We could see Bitcoin just shoot to the moon and stocks fall into recession. I just think that’s very, very highly unlikely.”
Bitcoin is trading at $68,991 at time of writing, down 3.1% on the day.
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