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Bitcoin’s Correlation With US Stock Markets Reaches 2-Year High, What Does This Mean for BTC?

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Bitcoin’s correlation with Wall Street has been climbing for the past several months and, earlier this week, hit a multi-year peak.

This comes at an intriguing time since a few of the largest and most prominent US stock market indexes charted new all-time highs this week.

BTC-Wall Street Correction Rises

The Fed’s interest rate cut from last week didn’t impact positively just crypto as Wall Street headed north as well. Additionally, the Friday US macro data shows that inflation has slowed to 2.2% from August last year. This came from the Personal Consumption Expenditures Price Index, which some people believe is a more accurate inflation gauge for individuals.

The Dow Jones Industrial Average reacted immediately with an increase from 41,921 to 42,616 to register a new all-time high. Despite retracing slightly by the trading day’s end, the Dow was still slightly in the green.

The S&P 500’s performance was similar, as it pumped from 5,722 to over 5,760 to paint a new ATH of its own before correcting to 5,738 at closing bells.

The Nasdaq Composite failed to break its ATH marked in July and even finished the day with a minor retracement.

At the same time, BTC’s price surged past $66,500 on Friday for the first time in two months. According to IntoTheBlock data, these developments increased the positive correlation between Wall Street and bitcoin, pushing the metric to a two-year high.

$BTC‘s correlation with U.S. stocks reached a two-year high this week, a level that was only surpassed in the second quarter of 2022. pic.twitter.com/in6YRZq2Iw

— IntoTheBlock (@intotheblock) September 27, 2024

When BTC New ATH?

CryptoPotato reported recently that bitcoin’s correlation with gold had also increased to a multi-month peak. The yellow metal’s price has been on a roll as well in 2024, charting fresh peaks frequently. The latest was on Thursday at just shy of $2,690/oz.

As such, the logical question arises: when will BTC break its March all-time high of $73,800? With such a high correlation with assets that have done just that in the span of a week, BTC remains more than 10% away from its own.

Historically, Q4 has been predominantly positive for the largest cryptocurrency, with an average return of roughly 90% in the past decade. Moreover, October and November are the two most bullish months for BTC, which, coupled with the aforementioned data, could mean that a new all-time high is just around the corner.

Pos Bitcoin’s Correlation With US Stock Markets Reaches 2-Year High, What Does This Mean for BTC? muncul pertama kali di CryptoPotato.

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