As the cryptocurrency market continues to navigate through its latest volatility, Bitcoin (BTC) enthusiasts are eagerly awaiting a crucial milestone – surpassing all-time highs against major assets such as the S&P 500, gold, and others. While some may argue that this feat has yet to be achieved, Caleb Franzen, creator of financial research resource Cubic Analytics, believes it’s only a matter of time before BTC price outperforms these benchmarks.
The Current State of Affairs
On November 15th, Caleb Franzen shared his insights on the X blog, highlighting that Bitcoin may have tapped $93,500 and gained nearly 50% in Q4 but still lags behind many macro assets. The S&P 500 and Nasdaq 100 indexes remain unbeaten by Bitcoin, a fact also true for the NYSE FANG+ tech stock index and gold.
A Brief History of BTC vs. S&P 500
For US stocks, the turning point in Bitcoin’s history was early 2021, even before BTC/USD set all-time highs of $69,000, which remained in place for over two years. Since then, dollar records have fallen numerous times, but Bitcoin is still working on setting new all-time highs across the macro asset spectrum.
Gold and Bitcoin: A Tale of Two Breakouts
Last week, Cointelegraph reported that the market was gaining ground against gold, which had a head start of several months in setting new all-time highs in dollar terms. Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, forecasted a ‘rapid repricing’ now that BTC/USD had broken out.
A Long-Term Chart of Gold’s Breakout
Subsequently, Edwards shared a long-term chart of gold’s own breakout in the 2000s after spending 20 years below previous all-time highs from 1980. BTC/USD, he suggested, could now do likewise.
Il Capo of Crypto Sees a Different Outlook
In an alternative take, Il Capo of Crypto returned to his Telegram channel with a photograph that implied he expected a black swan event to hit. While no commentary was given, the post rapidly began to circulate on social media, with users recalling Il Capo’s $12,000 BTC price target.
Bearish Perspectives on Bitcoin
Fellow trader Credible Crypto recently called for $50,000 or lower for the pair in his latest X analysis. He flagged $72,000 as the downside target to watch.
" If we take our highs at 93.8k in a clear, impulsive move that breaks 100k+ then 72k and below is likely gone until the next bear market," he wrote alongside accompanying charts.
"If we instead sweep our highs and fail to produce a final, 5th subwave then it implies this move was indeed corrective and makes the odds of us retesting 70-72k AT LEAST exponentially higher."
Conclusion
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Market Analysis: A Deep Dive into BTC/USD’s Performance
To better understand the current market dynamics, let’s take a closer look at the 1-hour chart of BTC/USD.
As seen on the chart, Bitcoin has been trading in a tight range between $93,000 and $94,500. The Relative Strength Index (RSI) is currently overbought, indicating that a correction may be due soon.
Will Bitcoin Break Through?
The question remains: will Bitcoin finally break through and set new all-time highs against major assets? Only time will tell.
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