Is the bull market back on?
In this market commentary, Ben Simpson observes that Bitcoin has risen above $70,000 after five challenging months, prompting the question of whether this is merely a short‑term relief rally or the start of a renewed bull market. He frames the discussion around two frequent audience questions: his view on the current macro environment and where he is allocating capital. Simpson highlights the ongoing war in the Middle East as a major source of market uncertainty that is affecting all asset classes. He notes that historically Bitcoin tends to perform well against commodities such as oil, gold, and silver during major geopolitical crises, and it has shown reasonable short‑term strength in the current context. However, he cautions that Bitcoin remains heavily correlated with technology and software stocks, and without a clear decoupling from that sector, further upside is limited. Simpson expects additional downside risk and advises investors not to be overly optimistic about relief rallies, emphasizing that the $70,000 level remains a key value area and that capital deployment should be approached conservatively.
