Why This Trader Thinks Bitcoin’s Future is Brighter Than Your Last Date

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In a world where fortunes are made and lost faster than one can say “blockchain,” David Vallieres, that paragon of crypto wisdom, has declared himself resolutely bullish on Bitcoin. Yes, despite the recent plunge that would make even the most stoic investor weep into their morning espresso.

Vallieres, with the confidence of a man who has just discovered a new vintage, insists that the S&P 500 has yet to reach its zenith. He posits that Bitcoin, that capricious digital darling, will frolic in tandem with this flagship index, as they are now more tightly entwined than a pair of lovers at a garden party.

The S&P500 and #BTC are very tightly correlated now…

— David Vallieres (@vallieres_david) February 26, 2025

Today, the largest cryptocurrency took a nosedive to $85,445, a level not seen since the last time someone thought it was a good idea to invest in Beanie Babies. Currently, it languishes at around $86,148, down more than 10% over the past week. A veritable tragedy, one might say, akin to a Shakespearean drama but with fewer soliloquies.

Disastrous outflows

As reported by U.Today, this catastrophic drop was accompanied by Bitcoin ETF outflows that could make even the most hardened trader clutch their pearls. These products are on track to record their worst weekly flows ever—an achievement worthy of a dubious medal.

Yet, some analysts, ever the optimists, have chosen to downplay the severity of these outflows. “On the bright side tho, that is less than 2% of assets, a nickel dime considering the nastiness of the drawdown, over 98% of the money HODLing,” quipped Bloomberg’s Eric Balchunas on social media, as if trying to convince us that a small fire is nothing to worry about when the house is already ablaze.

Is the bull run over?

According to the “Fear and Greed” sentiment indicator, the market is currently in a state of “extreme fear,” with a paltry 21 points out of 100. One might say it resembles a cat caught in a rainstorm, utterly bewildered and unsure of its next move.

Weiss Crypto, the crypto-focused unit of Weiss Ratings, assures us that this recent dip to key support levels does not spell the end of the bull run. However, should these levels break with the confidence of a politician at a press conference, market participants “may have to wait a while longer” for the crypto rally to resume. Patience, dear reader, is a virtue—especially in the world of digital currencies.

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2025-02-26 21:23