S&P 500 hits new all-time high – is Bitcoin next?

S&P 500 has just hit a new all-time high, raising the question of whether Bitcoin is next in line, and this analyst thinks so.

In a tweet on 18 September, the analyst said Bitcoin is indeed expected to make the next move following the new all-time high for S&P 500.

Why the faith

Since inception, Bitcoin has been coupled to the stock market and while crypto fans have always wished it was not so, the reality still remains till this day.

The good thing about this “relationship” of Bitcoin and the stock market however is that at least it helps us to predict with a decent level of certainty where Bitcoin’s price will be going in the short-term.

Based on the historical trends, the analyst said with confidence that Bitcoin will soon start its upward move, and this is already playing out.

The number one digital asset has already broken through the resistance at $117,300 and is currently trading at over $117,800 at the time of writing this report. 

This is a great relief and sign of good fate as another analyst had earlier predicted that the asset will be on its way to a new all-time high once it breaks through this barrier and over $118,000.

Alts follow suit

As Bitcoin has started moving in the direction of S&P 500, altcoins have also started to follow, with prices rapidly increasing.

Dogecoin is leading the pack of top ten crypto assets with 6.34% daily gain, followed by Solana, BNB and XRP. 

Is this the final rally leading into the much awaited altcoin season or are we going to see another correction first? Will there even be an altcoin season? That remains to be seen in the days to come, but for now just enjoy the ride.