On-chain analytics platform Santiment believes that bitcoin could soon reach the level of $100,000 per coin. However, this requires the correlation between crypto and shares to change. In a new video update, Brian Quinlivan, Sanitiment’s head of marketing, shares that bitcoin could break away from the S&P 500.

According to Quinlivan, that would be a historic and bullish signal.

Bitcoin Decoupling From the S&P 500?

“After the bad news about inflation, this could be the signal that crypto is disconnecting from equities and following its own agenda. The tail ends of the bull markets over the past 15 years occurred under those conditions for bitcoin, when there was no correlation with the S&P 500.

It doesn’t have to be opposite, as is the case now, but if they move slightly in a different direction that is already a good sign. Then we may be able to move on to reach the $80,000, $90,000 and $100,000 milestones often mentioned by the bulls,” Quinlivan said.

Santiment noticed the difference in price behavior between bitcoin and the S&P 500 after last Wednesday’s fresh inflation data.

In that respect, it will be interesting to see during the American stock exchange opening how bitcoin and the S&P 500 compare today.

Bitcoin and gold

What makes the situation even more interesting is that bitcoin and gold are experiencing a positive period at the same time. Gold is also continuing to rise at the moment, while the S&P 500 is having a more difficult time with the high inflation figures.

Today, gold is up 1.11 percent again and is currently flirting with the price of 2,400 dollars. Earlier today, the price just shot over that for a new all-time high.

Could there be a great flight to safety among investors? Is the deviating price trend of bitcoin compared to the S&P 500 a sign that the digital currency is considered a safe asset together with gold?

That could just be possible and in that respect, 2024 could well be a very exciting year for us as bitcoiners.

Source: https://bitcoinmagazine.nl/nieuws/santiment-bitcoin-koers-van-100-000-in-aantocht

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