So the key point is still to observe the reaction of the US stock market. If the US stock market rebounds, cryptocurrencies will also rebound. In fact, we have indeed seen the US stock market, especially CME, gradually rise from a decline. No one can be 100% certain about the specifics; we can only find certainty amid uncertainty.

But I still believe that the US stock market and Bitcoin are highly correlated. If there is a risk of a decline in the US stock market, the probability of $BTC declining without an independent narrative will also be very high. Conversely, if the US stock market rises, the probability of BTC rising is also very high.

Currently, I see the US stock market gradually rising, and Goldman Sachs has raised the 12-month target for the S&P 500 index to 7,200 points. Therefore, I have been saying that even if there is a pullback due to H-1B (of course, it may not be), it will not be the mainstream narrative right now. The main focus is still on the Federal Reserve's interest rate battle.

This article is sponsored by #Bitget ｜ @Bitget_zh

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