The S&P 500 Index is nearing its all-time high, but Bitcoin is struggling to rise above $60,000, pointing to further underperformance in the near term.
Bitcoin (BTC) has been range-bound for several months, but that has not shaken the resolve of the long-term holders. Glassnode’s hodl wave chart shows that 74% of Bitcoin has not moved in the past six months or more.
The central question bugging investors is which way will Bitcoin breakout. Aurelie Barthere, the principal research analyst at Nansen onchain analytics platform, told Cointelegraph that the crypto bull market would continue if the Federal Reserve cuts rates while growth holds. However, if growth decelerates sharply, the upside will be limited for risk assets.
In contrast, popular analyst Rekt Capital said in a post on X that Bitcoin could be “just over a month away from breakout” if it follows its historical pattern of starting its parabolic phase roughly 160 days after halving.
