Kaleo: Bitcoin And Ethereum Are Looking Bullish Against S&P 500

According to a popular cryptocurrency analyst, known as Kaleo, Bitcoin (BTC) looks ready to break out against the stock market.

The analyst shared with his 476,000 followers on Twitter followers that he’s watching Bitcoin against the S&P 500 Index. According to him, the BTC/SPX provides a clearer view on BTC’s price action and where it could move next.

“An interesting pair to watch is BTC vs SPX.
The chart is 10x cleaner than BTCUSD, shows clear support at the base ranges above 2017 [high] support, and much stronger macrostructure (no false breakout/all-time high in Oct/Nov).”

#Bitcoin / $BTC

An interesting pair to watch is BTC vs SPX.

The chart is 10x cleaner than BTCUSD, shows clear support at the base ranges above 2017 ATH support, and much stronger macro structure (no false breakout / ATH in Oct/Nov). pic.twitter.com/LDkGqXYIQs
— K A L E O (@CryptoKaleo) April 1, 2022

Earlier, Kaleo noted that BTC’s inverse correlation to SPX, which is a change after the pair moved hand in hand for several months.

“Also fun watching the price action divergence in SPX/BTC today
Bitcoin has basically traded as an SPX proxy in recent memory, so any outperformance is always entertaining.”

#Bitcoin / $BTC

Also fun watching the price action divergence in SPX / BTC today

Bitcoin has basically traded as a SPX proxy in recent memory, so any outperformance is always entertaining pic.twitter.com/xFqYw7Rm4u
— K A L E O (@CryptoKaleo) April 1, 2022

Kaleo also plays with the idea of Ethereum (ETH) also breaking out against the S&P 500 – referencing to BitMEX founder Arthur Hayes’s prediction that ETH would reach 5-digits by the end of year 2022.