Morgan Stanley Executive Predicts Bitcoin To Witness A Short-Term Rally

Over time, the crypto market has strongly correlated with US equities, and Bitcoin has indicated a significant correlation with S&P 500 index. The price of the primary crypto asset has followed a similar pattern to the stock. Many predictions from experts on BTC were drawn from the possible outplay for the equity stock. Also, the response of Bitcoin to critical macroeconomic conditions is related to that of the stock index. Related Reading: TOP 5 Cryptos To Watch This Week – BNB, BTC, ETH, QNT, LEO Following the correlation between the two markets, some market experts give forecasts for future price trends. According to Morgan Stanley’s CIO, Michael J. Wilson, the US will soon have a short-term rally of 16%. The bear market expert noted that the price surge would only be possible without an official recession or earning capitulation. Short-Term Price Recovery In Stock Markets And Bitcoin Status According to Wilson, the US stock market will witness a short-term recovery. This offers the possibility of the S&P 500 hitting the 200-weekly moving average (WMA), as per Bloomberg. Due to the unfavorable macroeconomic conditions and the impacts of the increased interest rates, the index dropped this year. However, the present price movement for Bitcoin has not been too impressive. BTC price is currently below its critical level of $20K. Also, the 200-WMA is close to the $23k region. Even with its short-term rally in Augu...