Analyst Who Predicted 2018’s $3k Bottom Says Bitcoin Looks “Cooked”

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Save for a few blips here and there, Bitcoin has more or less tracked equities over recent months. The below image from Charles Edwards, a digital asset manager, shows this correlation quite well. Bitcoin chart with S&P 500 overlay from Charles Edwards, a digital asset manager. The correlation between crypto and the S&P 500 has also been tracked by analysts at JP Morgan. The strategists at the bank said that “Cryptocurrencies have traded more like risky assets like equities—a significant change relative to the prior couple of years.” According to the trader that predicted at which point Bitcoin would bottom in 2018, this correlation could result in a BTC decline. Bitcoin Is “Cooked”: Analyst Says There’s a sentiment spreading amongst investors in Bitcoin that the recent stagnation is bullish. Investors touting this theory cite Wyckoff schematics — charts on patterns observed by the late technical analyst Richard Wyckoff. Specifically, they…

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