Bitcoin has experienced a decline, dropping about 9% from its recent high of over $71,000 to below $65,000. Barry Bannister, chief equity strategist at Stifel, suggests this might indicate an impending correction in the S&P 500.

Bitcoin's have been tightly related to the Nasdaq 100, which closely mirrors the S&P 500 with its top tech holdings. Bannister argues that Bitcoin's recent drop reflects uncertainty about the Federal Reserve's potential rate cuts amid ongoing inflation pressures. 

Despite Bannister's caution, many strategists remain optimistic, raising stock market targets and betting on a soft economic landing. However, concerns persist about the market's narrow rally and the potential for future volatility as AI and other high-flying stocks continue to dominate.

Finsum: Many investors are putting buy on bitcoin, so the future is uncertain to say the least.