Santiment: BTC is ready to reach $ 100,000

Cryptocurrency analysts from Santiment believe that the flagship crypto asset BTC $60,707.98 Bitcoin -0.31% Market capitalization $1.2 trillion VOL. 24 hours $1.93 billion could soon reach the $ 100,000 mark if the correlation between cryptocurrencies and stocks decreases.

In a new video message, Brian Quinlivan, Santiment’s chief marketing officer, notes that bitcoin could deviate from the S&P 500, which is a historical bullish signal for the first cryptocurrency.

«After bad news about inflation, this could be a sign that cryptocurrencies [BTC — ред.] are again moving away from stocks and blazing their own trail. And in most of the long bull periods in the history of cryptocurrencies over the past 15-plus years, we’ve seen that they often occur when there is little to no correlation with the S&P.

It doesn’t necessarily have to be the opposite, as it is now, but if they are going their separate ways, it’s a good sign that we can continue to move forward, to reach those $ 80,000, $ 90,000, $ 100,000 levels that many of the bulls often mention," Quinlivan said.

Santiment noticed a divergence between bitcoin and stocks on Wednesday after the release of fresh US inflation data.

«Now, if you compare bitcoin to the S&P and even gold, look at this big divergence that just happened [в середу]. The CPI report came out, stocks faltered as a result of some fear that inflation was higher than experts expected, but after the initial drop in bitcoin, which actually happened right before the announcement, people expected bad news to happen, bad news was confirmed, but bitcoin quickly rebounded and went back above $ 70,000, where it is now at $ 70,600.

The S&P is back to where it was a week ago or so. So, this is one of the rare cases where we see a major divergence. We saw something similar in the opposite direction at the end of March, when bitcoin fell and the S&P stayed at the same level. There are many reasons for such divergences, but over the past two years, we have seen a fairly close correlation between cryptocurrencies and stocks. So this is very appropriate," the analyst explained.

As a reminder, Robert Kiyosaki recently predicted that BTC will exceed $ 2.5 million after the halving, which is due next week. Kiyosaki once again called on the community to invest in bitcoin, gold, and silver, declaring them real money, «unlike the useless US dollar.»