On-chain analyst Willy Woo said Bitcoin has already retraced 50% while the stock market continues to post record highs, a setup he said could leave BTC relatively resilient if equities enter a correction. Woo compared the current backdrop to the period after the 2014 Mt. Gox crash, when U.S. stocks kept climbing and Bitcoin then moved higher at a gradual pace. He added that equities later fell into a bear market, and once stocks returned to a bull run, Bitcoin went on to see the major rally of 2017. The comments were cited by ChainCatcher in a market analysis update.
On-chain analyst Willy Woo said Bitcoin has already pulled back 50% even as the stock market keeps setting fresh highs, arguing that BTC may show stronger downside resilience if equities see a correction.
According to ChainCatcher, Woo said the last time a similar pattern appeared was after the sharp sell-off tied to the 2014 Mt. Gox event. At that time, U.S. stocks continued to move higher, while Bitcoin later began a slow climb. Stocks then entered a bear market, and after equities returned to a bull market, Bitcoin went on to post the major rally seen in 2017.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
