Tom Lee: BTC can rise sharply after the S&P 500 hit a new high

According to Bitcoinist, bitcoin fell 15% this week, triggering many people's concerns about the upcoming round of a long bear market. In this regard, Fundstrat Global Advisors co-founder Tom Lee said in Twitter that the current adjustment of Bitcoin is not a bad thing: BTC has overbought and the market sentiment has weakened. The Bitcoin Pain Index has been consistently shown since July; the BTC was stagnant during this period of time before the end of the S&P 500 index. Just before Bitcoin fell on Tuesday, the Standard & Poor's 500 index fell. For Lee, the two are closely related. He added: "As stocks are safely sold, bitcoin tends to fall. This reinforces our 'unwelcome' view that bitcoin does not perform well in a 'trendless macro' environment… S&P 500 After the index hit a new high, BTC can rise sharply."