Looks congruent with the macro picture
Discussion
Definitely lines up with the effect of higher rates.
Some say this SPX outlook contradicts BTC, since BTC/SPX are highly correlated. But I don't think so. I think BTC is in current roaring bull mode, parabolic, while SPX bounces weakly and "hangs".
SPX could hang sideways for 6mths or longer, giving enough time for BTC to complete it's run at $100k.
Then, they both crash together. A drop back down to BTC $40-50k is likely on larger timeframes after an ATH is reached. Then a boring multiple sideways years for BTC, while SPX becomes flavor of the week in a hyperinflationary upside roar. That's just what the charts say.
Bitcoin could get correlated for a split second (like any other asset) if a credit event happens and triggers a sudden drop.
That does not mean the Bitcoin is correlated to S&P.