Bitcoin trader shares 7 reasons to be bullish on BTC beyond $12K

Bitcoin abandoning correlation with traditional markets will be its "Biggest story" if it continues, one popular analyst says.

In a series of tweets on Oct. 21, Cole Garner highlighted Bitcoin's market decoupling among bullish price factors.

Garner: Decoupling will be crypto's "Biggest story".

Garner retweeted a chart of Bitcoin, gold, the S&P 500 and Ether, which shows Bitcoin striking out on its own, delivering positive returns while other assets floundered.

Bitcoin vs. gold, S&P 500 and Ethereum.

Bitcoin previously demonstrated long-term correlation to the S&P 500 in particular, also forming a close relationship to gold in the months after March's coronavirus-induced price crash.

Despite Bitcoin's latest gains which took it above $12,000, the funding rate suggests support for longs at the expense of shorts - an encouraging sign for further upward momentum.

As Garner and others note, very little stands in the way of further positive price action above $12,000 due to how Bitcoin spent the brief periods of time above that level before.

Bitcoin exchange balances vs. price with latest drop highlighted.

"Too many people were unprepared for this," he wrote, linking to a recent survey in which 35% of respondents claimed that Bitcoin made up less than 10% of their crypto portfolio.