Popular crypto analyst believes that Bitcoin (BTC), and stock prices, may soar if a certain event happens.
Jason Pizzino, a YouTuber with 353,000 subscribers, says that if S&P 500 breaks through a critical resistance level it could trigger FOMO, or fear of missing out, which would drive Bitcoin and stock prices even higher, as those who have cash sitting on the sidelines rush to buy.
It’s even worse for the bears or anyone sitting on the sidelines with too much cash… Institutions, retail, no matter who it is… if they have too much still sitting on the sidelines that would be where the FOMO kicks in. It’s even worse for bears and anyone with excess cash on the sidelines… Retailers, Institutions… If they’re sitting there, the FOMO will really hit if the S&P is able to move past this recent high of 6,400 on the S&P500 .”
Pizzino shares an additional chart that shows the historical correlation between Bitcoin and the S&P 500. This suggests the crypto-asset’s flagship will probably print new highs when the SPX resistance logarithmic level is broken.
The SPX closed Monday at 6,329. Bitcoin, meanwhile, is currently trading at $115,026 as of the time of this writing. This represents a slight increase in value over the past 24 hours.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post-FOMO phase for Bitcoin and S&P500 could be approaching if this happens, according to analyst Jason Pizzino. This may change as new information becomes available.
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