Bitcoin correction like the stock market recovery, according to Jason Pmezino – here is his outlook
A pursued encryption analyst warns widely that Bitcoin (BTC) may witness a market correction if the stock market recovery stops.
In a new video update, Crypto Jason Pizzzino Recount Its 350,000 subscribers may decrease YouTube subscribers who may decrease the S&P 500 (SPX) in the second quarter and withdraw Bitcoin with it, based on the historical link of BTC with stocks.
Pizzino suggests that SPX may swing in the second quarter based on the historical performance pattern.
“I got our line for 20 years on [S&P 500] The graph here, and we only use this to consider market fluctuations …
With this in mind, you can see that we have a similar event here from around December to these February tops, where it runs to April, then has this amount, along with June also correction. It is more chaos during the second half of the second quarter and the third quarter, then things begin to get a little cleaner towards the fourth quarter. For this reason, I am still thinking that Bitcoin has a correction in the second quarter. We were awake for a few weeks here. In general, we will get a type of correction. “
Zeno also says that bitcoin may gain an upward momentum based on its historical reverse association with the US dollar index (DXY), as more investors may treat the main encryption assets as a safe origin of gold.
DXY, which has decreased, raises the dollar against a basket of other major foreign currencies.
“There is a strong trend for the US dollar. It has stopped temporarily here. So it is not a bad sign at the present time, especially as bitcoin continues to rise. Stop in US dollars, some BTC additional power can see in the coming weeks, after any kind of correction.”
Bitcoin is traded for $ 97346 at the time of writing this report, an apartment per day.
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