Bitcoin Primed to Rally to $56K as Nasdaq Breaks Out of Bull Flag, Chart Analyst Says

Bitcoin ( $60,628.00 ) (BTC) has rallied nearly 50% in the first seven weeks of the year, reaching a six-month high of $24,900, with outside forces like the sentiment in traditional markets largely supportive. Recently, the crypto market and Wall Street’s tech-heavy Nasdaq index have grown resilient to the Federal Reserve’s (Fed) angst and the resulting uptick in Treasury yields. Bitcoin ( $60,628.00 ) ’s 90-day correlation coefficient with Nasdaq has increased to 0.75, indicating the two assets are moving in tandem.