Bitcoin’s correlation to risk on & off continues

Bitcoin continues to serve as a notable indicator of risk tolerance in comparison to the equities market.

In the correlation analysis below, I have overlaid the Nasdaq 100 to provide a clearer illustration of this relationship.

Currently, the price of Bitcoin appears to be experiencing a ‘mini’ rally, which I believe may be a headfake. I anticipate that Bitcoin will be trading in the low US$60,000’s in the coming months.

April 29, 2026