Bitcoin: Dragosch Holds Bullish View on Decoupling
André Dragosch reiterated his bearish stance on AI and semiconductors while remaining bullish on Bitcoin, citing early signs of a financial conditions pivot and ongoing decoupling from the S&P 500 on November 4, 2026.
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André Dragosch reaffirmed his thesis that remains in play, staying bearish on the AI trade and semis while bullish on Bitcoin amid the first signs of a pivot in financial conditions.
The strategist highlighted that the decoupling between the S&P 500 and Bitcoin is materializing, with the SOX index likely to retrace toward 6,000 as semiconductor billings growth decelerates sharply; a reclaim of June highs would invalidate the view.
Bitcoin trades at $80871.56 on the 4h chart inside a bullish trend structure, holding above the EMA200 at $80840.24 while testing upper Bollinger resistance at $80384.96; with RSI(14) at 68.25 still neutral and MACD showing a golden cross at 364.56, price action points to a healthy pullback toward the EMA50 support at $78692.99 before any continuation higher.
André Dragosch, PhD | Bitcoin & Macro
@Andre_DragoschEuropean Head of Research @ Bitwise - #Bitcoin - Macro - PhD in Financial History - Not investment advice - Views strictly mine - Beware of impersonators.