Within the crypto world, the price of Bitcoin has always been a topic of constant discussion among users. Those who debate how far the cryptocurrency will go. Something that has been especially true in recent weeks, when the stagnation in the market has led to the emergence of countless theories about where the currency is headed. For this reason, the analyst known as PlanB comments in the Tweet of the day, that the implicit price of Bitcoin could be $ 25,000:
Bitcoin Price: Heading for $ 25,000?
When it comes to discussing the price of Bitcoin, one of the highlights is the correlation or lack of correlation between the cryptocurrency and the traditional financial market.
Well, for a long time it has been a common theme among BTC users to postulate that virtual currency does not have a direct relationship with indices like the S&P 500, which would make it a natural refuge for big capitals in times of uncertainty.
However, recent studies have shown that, contrary to the widespread belief among the crypto community, Bitcoin is closely related to the S&P 500. And not only that, but in recent months, this correlation has reached record levels. The price of BTC and the New York stock exchange have practically the same trend.
For this reason, the idea would be emerging that it is possible to predict where the price of Bitcoin is heading, simply by observing the development of the S&P 500 index. A topic that has been postulated on several occasions by one of the main analysts of the crypto world, known on Twitter as PlanB. Who recently expressed through his account on the social network that:
“S&P 500 and Bitcoin have been correlated and co-integrated for the past 10 years. The implicit price of Bitcoin according to the S&P: $ 25,000. Interesting times are drawing near“
With this message, PlanB shows that the correlation between Bitcoin and the S&P 500 indicates that the cryptocurrency could reach $ 25,000. To follow the same trend that has been maintained for the last decade. So, the next step once the side market breaks, could be this price.