During his most recent appearance on CNBC’s Fast Money, Funstrat’s co-founder Tom Lee reiterated his theory that there is a direct correlation between crypto and the US equity market.
The longtime Bitcoin bull predicts that a new BTC all-time high would likely lead to another alt season.
What will take it higher?
CNBC’s Mellissa Lee asked the Fundstrat boss what was behind the sluggish Bitcoin price action in summer. In response, he suggests that the macro outlook was to blame.
I think that Bitcoin kinda stalled recently as the macro outlook stalled”
He further explains that the next Bitcoin move will coincide with a “decisive breakout” in the equity market.
According to Lee, the BTC price will hit a new ATH only after the S&P 500 achieves the same feat.
Bitcoin does best when the S&P 500 is up more than 15 percent”
Will alts see the light?
BKCM CEO Brian Kelly joined the conversation by asking Lee whether altcoins would rally in sync with Bitcoin. Lee claims that some of the alts are useful, but there is no “one-fits-all” approach for trading the whole group.
So, I think that may end playing out is S&P hits an ATH, Bitcoin reaches an ATH, which is not too far away for Bitcoin. Then, I think it will likely lead to the start of an alt season.”
As reported by U.Today, trading legend Joshn Bollinger presumed that Bitcoin and altcoins were in a BB Squeeze, which could be followed by massive volatility.