Top analyst expects BTC to outperform legacy indices

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Bitcoin remains above the $19,000 mark despite the currency crisis wreaking havoc in stocks and other legacy markets this week.

After falling to lows below $18,600, bitcoin bounced back as high as $20,300 before paring gains amid a highly volatile market, which also saw the loss of the S&P 500 Index foothold which saw it lose three consecutive quarters. keeps for. This will be the first time since 2009 that the index has recorded such performance.

BTC/S&P 500

If stocks face another selloff and Fed tightening and bearish concerns continue to fall, Dylan LeClair, a senior crypto analyst, says the market could see BTC outperform equities.

According to the analyst, bitcoin’s “relative strength” against legacy indices has been encouraging, pointing to the BTC/S&P 500 chart.

While he doesn’t expect the “decoupling” to last long given the broader market conditions, he still thinks the benchmark cryptocurrency could have a decent run against the index. He tweeted that what investors should be paying attention to is what happens next in legacy financial markets – equities, FX and global bonds.

However, the analyst cautioned that a potential sell-off for Bitcoin should be warned.massive illegality incident.” He Told,

,Still a legacy system to be blamed in my view of the volume phenomenon – it’s clear that the tide of liquidity is coming out. The BTC/USD exchange rate will remain untouched by a huge liquidity event, as nothing but USD and vol,

Bitcoin was trading at around $19,260 as of Friday morning (09:45AM ET), just in the green that day, but was down 1.2% last week. The S&P 500 opened higher lower and was down more than 1.4% over the past five days at 3,634.

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