A well-known cryptocurrency analyst has suggested that both Bitcoin (BTC) and stocks could see a significant surge if a particular event transpires.
In a recent YouTube video, Jason Pizzino, who has a following of 353,000 subscribers, discusses the potential scenario where the S&P 500 (SPX) breaks through a crucial resistance level. This breakthrough could trigger FOMO (fear of missing out), leading to a further increase in the prices of Bitcoin and stocks as sidelined investors rush in.
“If the S&P manages to break out of this zone and surpass the long-standing logarithmic resistance dating back to the 2007 peak and 2009 low, we could witness a significant uptrend. This could be particularly challenging for bearish individuals or those holding excessive cash on the sidelines. Whether it’s institutions or retail investors, if they have too much cash sitting idle, the FOMO effect could kick in once we breach the recent high of around 6,400 points on the S&P 500.”
Pizzino also presents a weekly chart illustrating Bitcoin’s historical price correlation with the S&P 500, hinting that if the SPX logarithmic resistance level is breached, the primary cryptocurrency could potentially reach new all-time highs.
“In such a scenario, Bitcoin’s price is likely to follow suit during that period.”
At the time of Monday’s closing, the SPX is valued at 6,329. Meanwhile, Bitcoin is currently priced at $115,026, showing a slight increase in the last 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney
