• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

This Eerie Shanghai Composite Fractal Predicts Bitcoin Will Surge Past $10k

Nick Chong by Nick Chong
8 months ago
in Bitcoin
Reading Time: 3min read
Bitcoin price
Advertisement

Bitcoin was once branded as an asset that was uncorrelated from the rest of the financial markets.

Look no further than a survey of institutional investors by Fidelity Investments. It found that a good portion of this group want to buy cryptocurrencies because they are a valuable portfolio diversifier that is uncorrelated.

Yet this has seemingly changed over the past two months.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

BTC, as many have heard, is seemingly trading in line with global stock markets at this point. JP Morgan, the Wall Street banking giant, commented the following on June 11th:

“Cryptocurrencies have traded more like risky assets like equities—a significant change relative to the prior couple of years.”

Some see this as a bearish blow for Bitcoin, but a fractal analysis suggests that it may be bullish for the market.

Related Reading: 84% of Crypto Twitter Is Buying or Holding BTC , Boosting Bull Case

The Ongoing Boom In Chinese Stocks Could Send Bitcoin Flying

Due to positive economic indicators and easy monetary policy, the Chinese stock market is booming. There was a day last week where the Shanghai Composite index gained around 6% in a single day.

According to trader Rolando Santos, this breakout could have a positive effect on the Bitcoin market. He shared the chart below on July 10th, showing that the macro charts of the Shanghai Composite and BTC are directionally identical.

This fractal analysis predicts that if Bitcoin follows Chinese stocks, it will soon surge past $10,000, potentially kick-starting a bull market.

Image

BTC vs. Shanghai Composite index analysis by Rolando Santos (@TKPTrader on Twitter). Chart from TradingView.com

The strength in Chinese stocks corresponding with a rally in the price of Bitcoin logically makes sense, analysts have said. Amber Group, a cryptocurrency finance company, commented earlier this week on the logic:

“FTSE China A50 Index at new ATHs, surpassing 2015 mania levels. As a proxy for risk sentiment in China, this could bode well for crypto.”

FTSE China A50 Index at new ATHs, surpassing 2015 mania levels. As a proxy for risk sentiment in China, this could bode well for crypto. pic.twitter.com/eESrwITAGo

— Amber Group (@ambergroup_io) July 6, 2020

The former head of product at Messari, Qiao Wang, echoed the thoughts. He wrote on Twitter that the ongoing strength in the stock market may “spill over to crypto,” especially to decentralized finance.

“This is a major development. China just shilled its stock market in front of 1.4B people on national television. The risk-on sentiment might spill over to crypto. I’m reducing my s**coin shorts and adding Defi longs.” 

The Gold Fractal Is There Too

Another correlation that has formed is one between gold and Bitcoin. Both assets have seen extremely strong years in the grand scheme of things, both gaining around 20% as of this article’s writing.

Over the past few weeks, though, BTC has fallen behind structurally. As gold has seen a breakout to eight-year highs, Bitcoin has been trapped in a 15% range as it attempts to set a direction.

Bitcoin vs. gold

Bitcoin and gold fractal analysis by trader “Ethereum Jack” (@BTC_JackSparrow on Twitter). Chart from TradingView.com

The above fractal analysis indicates that Bitcoin will soon rally past $10,000 if it follows the path trailed by gold.

Related Reading: Crypto Tidbits: TikTok’s Dogecoin Craze, Coinbase on Stock Markets, BTC Holds $9k
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com 
This Eerie Shanghai Composite Fractal Predicts BTC Will Surge Past $10k
Tags: bitcoin pricebtcusdBTCUSDTchinaxbtusd
TweetShare22
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

5 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

2 days ago
bitcoin miner btc bullish

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

2 days ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

2 days ago
Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

5 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

First-Ever Public Tron-based Smart Contract

March 3, 2021

ECOMI to List OMI Tokens with BitMax

March 3, 2021

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.