A popular crypto analyst thinks that Bitcoin (BTC) and stocks may skyrocket if one event occurs.
In a new YouTube video, Jason Pizzino tells his 353,000 subscribers that if the S&P 500 (SPX) breaks out past a key resistance level, it may trigger FOMO (fear of missing out), driving Bitcoin and stocks even higher as people with cash on the sidelines rush in.
“If the S&P is able to break out of this zone, break past the logarithmic resistance that spans back from the peak of 2007 – and 2009 being that low – I think we could go on a pretty significant run to the upside. And I could even say it’s severe for the bears or anyone sitting on the sideline with too much cash… Institutions, retail, no matter who it is… if they have too much still sitting on the sidelines, I think that’s where the FOMO would really kick in if we’re able to break out of this high that’s just been put in at around 6,400 points on the S&P 500.”
Pizzino also shares a weekly chart showing Bitcoin’s historical price correlation with the S&P 500, suggesting the flagship crypto asset will likely print new all-time highs if the SPX logarithmic resistance level is breached.
“If that occurs, Bitcoin’s price … would probably follow suit into that period.”
As of Monday’s close, the SPX is trading for 6,329. Meanwhile, Bitcoin is trading for $115,026 at time of writing, up marginally in the last 24 hours.
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