Bitcoin price is consolidating above $30,000 per coin after a $5,000 rally. A chart comparing BTC to the Nasdaq stock index suggests that Bitcoin is gearing up for a significant push higher. While tech stocks have been surging, cryptocurrencies have lagged behind. However, the ratio between BTC and the NDX indicates that crypto may be about to catch up to stocks. Nvidia shares have reached new all-time highs, and the Nasdaq stock index has returned to Q1 2022 prices. The laggard behavior in BTC and other cryptocurrencies could reverse, as indicated by the strengthening weekly correlation coefficient. Advanced analysis methods include studying the ratio between unrelated assets, such as the gold to stocks ratio. The chart shows BTC close to breaking out from downtrend resistance against the NDX, suggesting a potential phase of significant outperformance by Bitcoin. If this occurs, digital assets could also return to Q1 2022 prices, with Bitcoin reaching just below $50,000 per coin.
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