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Bitcoin Prices Strongly Correlated With Stock Prices Of US IT Giants, As Per Analyst

Charlie Morris, a fund manager at Atlantic House, has hypothesized that there is a robust connection between BTC prices and the prices of shares belonging to some of the most powerful IT giants based out of the United States. Nevertheless, he cautioned that Bitcoin might have to wait until the COVID-19 epidemic gets eliminated before its ensuing big upward drive, similar to tech stocks of IT giants.

Morris shared data that seems to establish a close connection between the price of Bitcoin and the stock price of tech corporations. These corporations are frequently referred to as FAANG (Facebook, Apple, Amazon, Netflix, Google).

He mentioned,

“I suspect we will get the bitcoin breakout, but not until the post-COVID recovery is complete, and the FANGS resume their upward journey. […] There is no rush. As the market saying goes, the longer the wait, the bigger the break.”

He further added,

“My macro two cents view is that bitcoin is temporarily out of favor for the same reason tech is.”

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