According to Timmer’s chart, which shows the cryptocurrency’s five-year correlation with the S&P 500 and long-term U.S. Treasuries, the flagship coin sits close to the middle.
Timmer puts Bitcoin’s correlation with the S&P 500 at only about 30%. Its correlation with long-term Treasuries is approximately zero.
Bitcoin looks especially interesting
According to Timmer, Bitcoin looks especially interesting as of recently. His market commentary came after the flagship cryptocurrency showed the very first signs of recovery.
“I continue to like both gold and Bitcoin, but especially Bitcoin looks interesting right now,” Timmer recently wrote on X.
He specifically took note of Bitcoin’s move above the $80,000 area. On Sept. 25, Timmer posited that a decisive breakout would confirm a double-bottom formation with a target of approximately $100,000.
Bitcoin clearing that region was the confirmation Timmer had been watching.
At the time of writing, Bitcoin is trading at approximately $85,984, up 2.2% over the previous 24 hours.
BTC has been gaining ground when measured against gold, which is also notable.
“Bitcoin priced in gold is showing a lot of strength,” Timmer commented in a recent X post.
On Sept. 19, he argued that Bitcoin may be entering another four-year bull-market cycle after spending roughly a year holding around the $60,000 support zone.
Prolonged Bitcoin downturns have historically lasted around a year. The fact that the cryptocurrency repeatedly found support around $60,000 is an indication that the latest Bitcoin winter might be finally over, according to Timmer.