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Bitcoin trader shares 7 reasons to be bullish on BTC beyond $12K

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Bitcoin (BTC) abandoning correlation with traditional markets will be its “biggest story” if it continues, one popular analyst says.

In a series of tweets on Oct. 21, Cole Garner highlighted Bitcoin’s market decoupling among bullish price factors.

Garner: Decoupling will be crypto’s “biggest story”

Garner retweeted a chart of Bitcoin, gold, the S&P 500 and Ether (ETH), which shows Bitcoin striking out on its own, delivering positive returns while other assets floundered.

The chart originated from Eric Wall, CIO of crypto hedge fund Arcane Assets, who described the trend as “unusual.”

“BTC’s correlation to traditional markets appears to be unwinding. If this persists in the coming weeks, it’ll be the biggest story in crypto,” Garner commented.

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Bitcoin (orange) vs. gold, S&P 500 and Ethereum. Source: Eric Wall/ Twitter

Bitcoin previously demonstrated long-term correlation to the S&P 500 in particular, also forming a close relationship to gold in the months after March’s coronavirus-induced price crash.