Bitcoin has been loosely correlated with the S&P 500 and other major stock market indexes. Therefore, JPMorgan’s recent prediction may indicate that Bitcoin could see some strong months ahead.
According to new probabilistic models by JPMorgan Chase, fears of a recession have subsided and we may see a new high in the stock market in 2020.
Tom Lee from Fundstrat has repeatedly argued, based on his statistical models, that one of the major predictors of Bitcoin’s price is the stock market. He argues that Bitcoin won’t reach a new all-time high until the S&P 500 does, as BeInCrypto previously reported.
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