How Bearish is BTC?

I like to treat Bitcoin like any other big-cap tech stock.

At $2 trillion in market cap, it’s not some small speculative play — it’s big enough to sit at the table with the Mag 7.

Both BTC and growth equities are ultimately expressions of risk appetite. When investors are confident, they tend to move higher together; when fear sets in, they often sell off in sync.

That has been the case for years. But right now, Bitcoin and the Nasdaq 100 are diverging.

While the QQQs have held up near all-time highs, BTC has completed a short-term top.

I don’t think they’ll move in opposite directions for long, so I’m wondering who’s going to follow who here.

In other words, just how bearish is this action in BTC for the broader market?

Should we expect stocks to follow the bluechip crypto lower?

Or is it only a matter of time until BTC digs in and starts to look more like the Nasdaq?

I would love to hear your thoughts!

Stay sharp,

Alfonso De Pablos, CMT

Director of Research, All Star Charts