US Stock Market Hits Record Highs, Bitcoin Lags Behind
The US stock market has reached a new milestone, with the S&P 500 closing at 6,791.68 and the US 100 Index at 25,358.15, both setting all-time highs.
- Easing inflation, strong corporate earnings, and expected Federal Reserve rate cuts have boosted investor sentiment.
- The tech-heavy US 100 Index exceeded 25,000 for the first time, driven by robust large-cap technology stock results.
- Bitcoin, after reaching over $126,000, experienced a flash crash and is consolidating around $111,600.
Bitcoin’s Position Relative to Stock Market Gains
- Analyst Ash Crypto suggests Bitcoin's price is being held back compared to stocks.
- If Bitcoin mirrored the percentage gains of the S&P 500 or US 100 Index, it could trade between $140,000 and $150,000.
Future Expectations for Bitcoin
- Bitcoin tends to lag behind initial stock market moves but historically surges once excess liquidity spills over.
- Ash Crypto anticipates Bitcoin will soon reach at least $130,000.
- On-chain data indicates potential for growth, with sell-side liquidity at a seven-year low and long-term investors acquiring 373,700 BTC in the last 30 days.
