A prominent crypto strategist known for accurate Bitcoin calls says a near-term bull run is highly unlikely.
Pseudonymous trader Wick, with over 155,000 followers on X, argues that Bitcoin’s fate is tied to the S&P 500. He sees a bearish SPX/BTC pattern emerging-one that suggests further downside if equities correct sharply.
“Everyone thinks Bitcoin is going on a bull run. I think there’s no chance of that happening,” Wick stated.
He contends that Bitcoin behaves as a risk-on asset. In a true risk-off environment-triggered by a deep stock market selloff-investors would likely liquidate BTC holdings alongside equities.
“Bitcoin will again revert to a risk-off environment. It’ll not shine in a risk-off environment. It never has,” he added.
At the time of writing, Bitcoin trades at $68,991, down 3.1% on the day.