The peak price of bitcoin, reached in mid-March at a record level of $73,800 and still not confirmed by repeated testing, may be the beginning of a «bearish» cycle for the stock market, Business Insider reports.
The rise in the price of bitcoin and the NASDAQ 100 index reflects the speculative fever caused by the Fed's «cheap money» during the pandemic, according to a number of strategists on Wall Street. In particular, Stifel strategist Barry Bannister pointed out that the recent growth of the cryptocurrency coincided with the «dovish» reversal of the Fed, but this connection may indicate the end of the current «bullish» growth.
If we consider the logarithmic diagram of bitcoin with a polynomial trend, then the token is already approaching the so-called «maturity» with major peaks at $73,000. If the token has already reached its peak, it could have negative consequences for the rest of the stock market, especially for technology stocks and the entire NASDAQ 100 index over the next six months.
This suggests a weakening of technology stocks and a possible decline in investor sentiment when value stocks begin to outperform growth stocks.
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