Bitcoin's negative correlation with the S&P 500 has reached its longest period since 2020, and analyst Crypto Patel calls this signal extremely bullish because it indicates Bitcoin is no longer trading like a risk asset. This decoupling, combined with a recent liquidation event that wiped out approximately 70,000 Bitcoin in open positions to reset leverage, historically often signals a major rally. While some analysts warn that bearish sentiment could persist, Patel predicts that after a potential cycle bottom near $35,000 to $50,000 in 2026, Bitcoin's long-term target price will reach $600,000 by 2029.

BTC-2.52%

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