Within the crypto world, the price of Bitcoin has always been a topic of constant discussion among the users. They debate how far the quote of the criptomoneda. Something that has been especially true over the last few weeks, when the stagnation in the market has made arising out of an infinity of theories about where it goes the currency. Therefore, the analyst known as PlanB says in the Tweet of the day, that the implicit price of Bitcoin could be $ 25,000:
S&P500 and Bitcoin have been correlated and co-integrated last 10 years. S&P implied BTC price: $25K .. interesting times ahead! pic.twitter.com/mi8gLmKcmf
— PlanB (@100trillionUSD) July 21, 2020
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Price of Bitcoin: is Heading to the $ 25,000?
When discussing on the price of Bitcoin, one of the highlights is the correlation or lack of correlation between the criptomoneda and the financial market traditional.
Therefore, it has long been a common theme among the users of BTC, the postulate that the virtual currency does not have a direct relationship with indices such as the S&P 500, which would become a natural refuge for large capital in times of uncertainty.
However, recent studies have shown that, contrary to the belief widespread among the crypto community, Bitcoin is closely related to the S&P 500. And not only that, but in the last few months, this correlation has reached record levels. Having practically the same trend as the price of BTC and the New York stock exchange.
The implicit price of Bitcoin according to the S&P 500 index would be $ 25,000. Source: PlanB
For this reason, it would be emerging the idea that it is possible to predict where it is headed the price of Bitcoin, simply by looking at the development of the S&P 500 index. A topic that has been postulated on several occasions by one of the foremost analysts of the crypto world, known on Twitter as PlanB. Who recently expressed through his account on the social network:
“S&P 500 and Bitcoin have been correlated and co-integrated for the past 10 years. The implicit price of Bitcoin according to S&P: us $ 25,000. Interesting times to be approaching“.
With this message, PlanB shows that the correlation between Bitcoin and the S&P 500, notes that the criptomoneda could reach $ 25,000. Follow the same trend which has been maintained during the last decade. So, the next step once you break the market side, could be this price.
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