This catalyst Can Flip Bitcoin Bullish Again

The crypto markets continue to rally with Bitcoin and Ethereum being the leaders in new bullish moves. Check out the latest reports about the crypto market state today.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $21,308.

It’s been just revealed that there is a crypto strategist who says Bitcoin (BTC) may remain stuck in a bearish market until the hawkish US Federal Reserve pivots.

In a new strategy session, Kevin Svenson said that there appears to be a strong correlation between the S&P 500 stock market (SPX) and how Bitcoin’s price performs.

“Whenever there’s stock market volatility, Bitcoin’s in a strict downtrend. Even when the stock market is unstable and it’s seeing higher highs, lower-lows Bitcoin does not find support on those bounces. It’s just in a strict downtrend. People are very hesitant to bullishly bet on Bitcoin when the stock market is volatile.”

He continued and stated the following:

“Even when the stock market is going up, Bitcoin just can’t catch that support. And here we are guys, once again, the stock market volatile, increasing bear speculation. And we’re just not finding support. Even on the bounces, when the S&P 500 is bouncing, Bitcoin is just not finding support.”

There are all kinds of bullish prediciotns about the price of Bitcoin these days.

The other day, we revealed that the analytics software company Microstrategy says its Bitcoin (BTC) impairment charge in Q3 of 2022 only amounts to $700,000. This is less than the $65 million charged during the same period last year.

At the firm’s latest earnings call, Microstrategy senior executive vice president and chief financial officer Andrew Kang made sure to highlight the fact that the company incurred nominal impairment charges due to Bitcoin’s stable price during the quarter.