This Is what It Takes For Bitcoin To Break Away From Stock Market

There have been all kinds of speculation about what it takes for Bitcoin to break away from the stock market and continue rallying. Check out the latest reports below.

As a recent article posted by the Daily Hodl notes, the supply dynamics of Bitcoin (BTC) will need to change in order to decouple from equities.

This is according to popular on-chain analyst Will Clemente.

In a new Blockware Intelligence Newsletter, Clemente notes that BTC has demonstrated an “extremely high” correlation to the Nasdaq 100 recently.

“Below you can see the 1D correlation of BTC to [Nasdaq] reaching as high as 0.98. Whether Bitcoiners view BTC this way or not, the fact is that the broader market has been viewing [BTC] as a high beta asset, basketing it in with tech.”

In order for Bitcoin to move up in price, Clemente says it either needs tech to rebound or it needs to decouple from equities.

The analyst also said that a new breed of buyers is accumulating BTC at current prices.

He also predicted the fact that this will lead to the decoupling of Bitcoin and the stock market.

He compared a chart that is displaying the percentage of Bitcoin that hasn’t moved in a year with a chart tracking how far the Nasdaq is off its all-time high.

“What we see is that, despite the Nasdaq being down about 20%, an all-time high ~64% of Bitcoin’s circulating supply has not moved. To me, this illustrates the fact that there is a convicted base of long-term Bitcoin believers/HODLers out there utilizing BTC as a store of value despite unprecedented uncertainty in global markets.”

We suggest that you check out the original article in order to learn more about all this.

Stay tuned for more news and check the market as well.