Crypto trader Kevin has suggested that Bitcoin BTC/USD might be on the brink of surpassing the S&P 500.

Recent Observation: Kevin, a respected figure in the cryptocurrency trading community, recently made an intriguing observation on social media platform X. He pointed out the consolidation pattern just below the all-time highs in the Bitcoin BTC/USD compared to the S&P 500 chart. This observation led him to speculate that Bitcoin could potentially outperform the stock market.

In his post, Kevin noted, “#BTC vs #SPX (S&P500) on the inverted chart looks very interesting here, consolidation right below all-time highs. We might be on the verge of a #BTC outperformance against the #StockMarket.” Furthermore, Kevin, previously known as OG_Yomi on X, supported his statement with a chart illustrating the BTC/SPX relationship, hinting at a significant impending shift.

Importance: Recent market movements have sparked concerns among numerous investors. Just before Kevin’s observation, Bitcoin encountered a significant technical indicator that triggered a sell-off signal on its 12-hour chart, causing anxiety among traders and investors.

Despite these challenges, some traders hold an optimistic view of Bitcoin’s future. An unidentified cryptocurrency trader, Tim, considers Bitcoin’s current consolidation phase as “healthy” and foresees a positive trajectory ahead.

Bitcoin has faced several obstacles, such as dropping below the critical $64,000 level following GDP and jobless claims data releases. Nevertheless, the cryptocurrency has shown resilience and is currently consolidating just below its peak.

Market Status: Presently, Bitcoin is priced at $64,251, indicating a slight 0.36% decline in the last 24 hours. Nonetheless, it has demonstrated an impressive 45.46% increase year-to-date, according to data from Benzinga Pro.

The content was curated by Benzinga Neuro and edited by Kaustubh Bagalkote.

Image Courtesy: Pixabay

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