Analyst: BTC has retraced 50%, which may show resilience against the decline in U.S. stocks and a trend similar to 2014

On-chain analyst Willy Woo stated that while the stock market continues to hit new highs, Bitcoin has retraced by 50%. Therefore, it should have strong resilience against potential pullbacks in the stock market.

He further pointed out that the last time a similar pattern occurred was after the 2014 Mt. Gox incident crash, when the U.S. stock market continued to rise, while Bitcoin gradually moved upwards slowly, and the stock market fell into a bear market. It wasn't until later that the stock market returned to a bull market, and Bitcoin welcomed the major bull market of 2017.