SPY - Bitcoin: Potential Correction Despite ETFs And Halving
2024-03-26 00:18:07 ET
Summary
- Bitcoin reached a new all-time high of USD 73,794, marking a +91% increase in just seven weeks.
- The new demand from Bitcoin spot ETFs drove prices sharply upwards, but a potential correction is typical before and around the halving.
- Sentiment and seasonality indicators suggest a short-term pullback, but long-term bullishness remains with a potential price target of USD 100,000 and higher.
The stock market rally still demonstrates a lot of momentum, with the S&P 500 ( SPY ) showing a year-to-date return of 7.11%, Furthermore, the market's focus on the tech sector, with AI-related companies like Nvidia ( NVDA ) experiencing substantial revenue growth and stock price increases, is not waning yet. Besides Nvidia, however, the star of 2024 is without a doubt Bitcoin ( BTC-USD ). Additionally, there are signals from the US central bank hinting at rate cuts, sparking hopes for even more sustainable gains in stocks and crypto.