Crypto analyst David Vallieres remains bullish on Bitcoin despite the recent drop in price. He believes that Bitcoin is likely to move in tandem with the S&P 500 index based on their high correlation. The S&P 500 and Bitcoin are currently tightly correlated. Bitcoin reached its lowest level since November, dropping more than 10% in the past week. The drop in price was accompanied by significant outflows from Bitcoin ETFs. Some analysts downplay the severity of these outflows, stating that it is a small percentage of overall assets. The market sentiment is currently in a state of "extreme fear." According to Weiss Crypto, the recent drop to key support levels does not necessarily mean the bull run is over, but if these levels break, the crypto rally may be further delayed.



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