GBTC with the S&P Composite

SP:SPX   S&P 500 Index
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Since the S&P experienced its peak though, they have been far more correlated. The Bitcoin led on the way down and perhaps last week’s breakout means that it is destined to lead the market up. I am not sure this relationship will continue to hold up. However, since Bitcoin represents the ebb and flow of speculative juices i.e. swings in confidence, it may be forecasting a strong equity rally. Watch for the rally once the very short-term effects of the engulfing pattern and outside day, discussed above, have been digested. Let’s see what happens, as they say!
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