Battered bitcoin may take cues from growth stocks and chalk up a new bull run in the second half of the year.
"Historically, per Goldman Sachs, growth stocks have been the worst-performing sector in the three months before and after the first rate hike," Liu added while noting the cryptocurrency's tight correlation with the growth-sensitive legacy risk assets. Bitcoin's correlation with the U.S. stocks recently hit a record high of over 0.
However, growth stocks suggest otherwise."Given the current strong correlation between bitcoin and growth stocks, especially the synchronized downward trend of the two assets since December, we believe it may be difficult for bitcoin to move upward direction in the three months following the first rate hike," Liu noted.
While bitcoin may be viewed as digital gold by some in the crypto community, it is also an emerging technology sensitive to centralized liquidity flow.
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