Bitcoin and S&P 500 hit the target

On March 11, 2022, I wrote this note below, which suggested that Bitcoin and the S&P 500 may simultaneously fall to $29,700 and the S&P 500 declines 20% from its high.

Last night, they did both, on the same day.

Technically, the S&P 500 is 19.8% below its January 2022 high.

My January 6, 2022 quip pointed at Bitcoin visiting the $26,000 – $23,000 level.

That remains entirely possible, for last nights low of $25,400 (depending on the exchange you are watching) entered that zone.

I’ll look for a quick slump to $22,000 before assessing the next move.

However, this post is more about Bitcoin being a better sentiment indicator rather than a currency.

May 13, 2022

by Rob Zdravevski

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