People often see patterns where none exist. It's possible there's no real correlation with anything.
One sign this may be true is that one half of "experts" say bitcoin follows stocks, another half say its a leading indicator. Can't possibly be both.
I’m beginning to think that all markets are determined by human emotion/sentiment rather than hard facts or actual truths. When the government and media are tilting the market in one direction, heavy hitters are betting on the other side hoping it doesn’t go well. And then they reverse. In the end it won’t matter. It’s all a shell game.
