Bitcoin Sinks 15% as S&P 500 Gains 7%, Breaking 4-Year Correlation

• A major Bitcoin debate has emerged: Technical analyst Ali Martinez suggests Bitcoin has topped and is entering a “macro downtrend.”
• Santiment data shows a bullish counter-signal: Bitcoin has broken its 4-year correlation with equities, falling 15% while the S&P 500 gained 7%.
• Santiment interprets this divergence as a sign Bitcoin is “undervalued,” while Martinez sees a historical bear cycle repeating.

Bitcoin (BTC) is at a critical market inflection point. A sharp divergence has emerged between bearish technical analysts and bullish on-chain data, leaving traders to question if Bitcoin is in a “macro downtrend” or a “momentum build-up.”

The Bearish Technical Thesis: A ‘Macro Downtrend’ 

Crypto analyst Ali Martinez suggests Bitcoin may have slipped into a macro downtrend. He noted that comparing the cryptocurrency’s price movement with the 2015–2018 or 2018�…

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