The Dow Jones, S&P 500, and Nasdaq are all trading down, if BTC can break this correlation with traditional markets it could go up significantly

Traditional markets are making a massive decline from yesterday’s rebound, and an extension of the downwards momentum that has been incurred throughout the past several weeks.

Assuming that the stock market continues declining in the days and weeks ahead, if Bitcoin is able to stabilize it could instantly confirm the previously held “safe haven” narrative, thus giving it room to rally.

This close correlation to the global markets, however, could change at any time, and BTC is already beginning to show some signs of breaking its ties with the benchmark U.S. stock indices.

One top analyst is now noting that right now is “the moment Bitcoiners have been waiting for,” as a break of the cryptocurrency’s connection to the global markets could lead it on a moon mission to $50,000 or higher.

This ongoing rebound may be short-lived, however, as the benchmark indices’ futures seem to point to today being yet another bloody day, with the massive economic impacts of the Coronavirus beginning to mount within the U.S. as most major cities go on lock-down.