A Potential Breakout in the S&P 500 Could Send Bitcoin and Stocks Soaring, Says Analyst
A well-known crypto analyst is predicting a major surge in both Bitcoin (BTC) and the stock market if a specific event occurs. Jason Pizzino, who has a following of 353,000 subscribers on YouTube, believes that a breakout in the S&P 500 (SPX) could trigger a wave of FOMO (fear of missing out) among investors, leading to a significant uptrend in both assets.
In his latest YouTube video, Pizzino emphasizes the importance of the S&P 500 breaking past a key resistance level, which he identifies as the logarithmic resistance dating back to the 2007 peak and 2009 low. If this breakout happens, Pizzino anticipates a strong bullish momentum that could entice sidelined investors to enter the market.
Pizzino also points to a weekly chart illustrating the historical price correlation between Bitcoin and the S&P 500, suggesting that if the SPX breaches the logarithmic resistance, Bitcoin could see new all-time highs in tandem with the stock market.
Currently, the S&P 500 is hovering around 6,329, while Bitcoin is priced at $115,026 at the time of writing, showing a slight increase in the past 24 hours.
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Image Source: Midjourney