Tuesday, December 5, 2023

Is it possible for Bitcoin to break out against tech stocks once more?

Since its inception, Bitcoin has wildly outperformed investor and analyst expectations in many areas. It has even exceeded Nasdaq’s performance in the decade of its existence. It looks highly likely that the Nasdaq Index will decouple from Bitcoin. If this happens, some predictions say that BTC’s price could touch the $100,000 mark in the next two years. This prediction was made by Tuur Demeester of Adamant Capital.

According to Demeester, Bitcoin’s market value is exceeding expectations even pitted against the tech-heavy Nasdaq. This has happened time and again which highlights Bitcoin’s capacity to outperform expectations and even periods in which its consolidation was strong. Not just Demeester, other analysts expect BTC prices to get into new territory.

Consider this – when BTC was created and introduced to the market, its price was just $0.06. In a decade, prices reached the $69,000 level. This information was provided by BraveNewCoin Index for BTC. This change in price amounts to a 64.5 million% change. In comparison, the Nasdaq Index growth was just 650%.

As far as history goes, Bitcoin’s correlation to tech stocks in the US is undeniable. Just in early February, the correlation efficiency was .73, close to its high of five years of .74. The five-year high was in 2020. Bitcoin prices plummeted from its all time high to under $33,000 due to sell offs and global tensions. Demeester is convinced that BTC will hit the $50,000 mark even it its correlation with Nasdaq is under pressure. Even Goldman Sachs, a global giant in the investment sector thinks BTC prices could touch $100,000 in the next two years.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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