RATE Group | Warren Buffett Expects Market Doom That Can Take Down Bitcoin With It
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Warren Buffett Expects Market Doom That Can Take Down Bitcoin With It

05 May Warren Buffett Expects Market Doom That Can Take Down Bitcoin With It

Posted at 11:49h in Bitcoin News by

Warren Buffett and Berkshire Hathaway remain reluctant in spending its $137 billion cash pile. Their cautious stance towards the abrupt recovery of the U.S. stock market may spoil the recent Bitcoin (BTC) rally.

The top-ranked cryptocurrency by market capitalization has long broken out of its short-term correlation with the U.S. stock market. But, a potential equities correction in the near-term raises the probability of a pullback in all high-risk and speculative assets.

Bitcoin S&P 500 realized correlation

Bitcoin S&P 500 realized correlation. Source: Skew

Technically, Bitcoin has more reasons to fall than to rise from $9,000

The Bitcoin price saw a vertical rally to $9,500 in a short period of time. It took less than two months for BTC to rise by nearly three-fold from $3,600.

Much of the positive sentiment around the upsurge of Bitcoin in April was attributed to the dominance of organic spot volume. It suggested that from $3,600 to mid-$7,000, retail investors accumulated BTC.

In previous rallies, spoof orders coming…

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