“Bitcoin (BTC) has once again surprised investors and analysts, reaching a two-month peak at the $65,500 mark,” was the general sentiment after trading closed on September 28. The cryptocurrency’s rise coincided with an uptick in the S&P 500 index, which hit its all-time high on September 26.

However, despite positive economic indicators and China’s efforts to support the markets that have boosted the stock market, many analysts still do not see clear signs of a bull market for Bitcoin.

“While Bitcoin remains a scarce and sovereign asset, it follows a different logic than traditional stock assets,” analysts say.