Major Market Indices Not Likely To Hit New Highs, Its Bitcoin's Season
Towards the end of 2018, the Dow Jones Industrial average closed at a whopping 26.8 thousand dollars.
Likewise, the Nasdaq composite and S&P 500 reached all-time highs.
Whereas, Bitcoin (BTC) on the 17th of December 2017, was valued at its all-time high of $20,000.
The “Godfather Of Technical Analysis” View
Ralph Acampora, the ‘godfather of technical analysis’ says that he does not see any all-time highs in the stock market any time soon and that being the case, he does not see any bull run in the stock market soon.
Nasdaq composite, S&P 500 and Dow Jones are all currently trading around their all-time highs. Bitcoin (BTC) on the other hand is breaking resistance levels.
After December 2017, when Bitcoin reached its all-time high, there was a drastic drop in its value all through 2018.
As at the 15th of December 2018, BTC had a low price of $3,122.28.
However, since this drop in value, bitcoin has constantly risen.
Since the beginning of 2019, the BTC price has witnessed three major surges.
Hitting The $4,000 Mark
The first was a gradual rise within the span of 17 days between the 8th and 24th of February.
On the 9th of February, BTC was priced at around $3,359 but jumped well over $3,700 on the 10th.
Bitcoin price hovered around that value for the next eight days, then on the 19th, it pushed to $4,000, rising steadily till 25th when it was valued at $4,190.
Following passing the $4,000 mark, it suddenly plunged but rose steadily all through March.
BTC April Bull Run
The next surge happened quite suddenly, on the first of April, BTC was valued at about $4,136, and in just about 24 hours it climbed to over $5,000. As of April 3rd, BTC was valued at $5,345.
The BTC price, however, dropped and gradually climbed again.
Hitting The $8,000 Mark
On the 30th of April, BTC was priced at around $5,269, then surged rapidly to about $8,390 on the 16th of May.
However, on the 17th of May, Bitcoin’s price dropped to $6,000 but has since then risen and at the moment valued at over $7,800.
Will BTC Surpass NASDAQ, S&P 500 And Dow Jones?
Even with this large jumps in the price of Bitcoin this year, it is still about 40% below its all-time high in December 2017.
While the aforementioned indices are inching closer to their all-time highs, BTC still has plenty of room and potential to hit its all-time high. Unless there is a bull run in the stock market, a decline is speculated.
According to Ralph Acampora, although unlikely, if any of this major indices hit their all-time highs, there will be a bull run in the stock market.
In conclusion, it seems like a good idea to bet on Bitcoin (BTC) and other digital currencies at the moment, as they moving upward while the stock market seems to be on a downtrend.