- Stockton discussed correlation of BTC and Nasdaq 100 on CNBC.
- She says bitcoin has to break above $25,000 to look attractive.
- Bitcoin is currently up about 40% YTD; Nasdaq 100 about 11%.
So far, bitcoin has meaningfully outperformed the Nasdaq 100 this year &- up roughly 40% at writing versus a significantly narrower 11% gain in the tech-heavy index.
Katie Stockton’s remarks on CNBC
Interestingly, BTC remained resilient in the back half of the current month even after the U.S. Bureau of Labour Statistics said inflation was up more than expected in January.
Nonetheless, Fairlead Strategies’ Katie Stockton says bitcoin and the Nasdaq 100 index will likely be more correlated again moving forward.
We suspect that with equities now declining again, we’ll get back into that higher correlation mode between bitcoin and Nasdaq 100 and other risk assets.
A day earlier, CoinShares data confirmed that short-bitcoin funds secured inflows of $10 million last week.
Bitcoin needs to break above a key resistance
According to Stockton, bitcoin is still trading below a strong resistance around the $25,000 level and has to break above it to look attractive. On CNBC’s “Squawk Box”, she said:
It needs to clear that level in order to look better and because that would resolve a trading range to the upside and tell us that range is more likely a reversal pattern versus a continuation pattern.
Stockton is keeping neutral both on yields and the U.S. dollar for the next several months, she also confirmed.
BTC last week was briefly seen trading just above the said price &- a move that analysts at Bitfinex said could indicate a possible bottom.
The post Pro expects BTC and Nasdaq 100 to be more correlated moving forward appeared first on CoinJournal.
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