Bitcoin will pull back to $110,000 and could be a buying opportunity, says BTIG's Jonathan Krinksy

Bitcoin Analysis - Bitcoin experienced a 25% rally from June lows but faced an ugly reversal over the weekend [1] - A pullback to the breakout point of $108,000 to $110,000 is anticipated [1] - Holding that support level after the pullback could present a buying opportunity [2] Equity Market Analysis - The S&P 500 has closed above its 20-day moving average for 57 consecutive trading days, the third-longest streak in the last 30 years [4] - A short-term shakeout is expected, given the duration of the rally [6] - A meaningful break above 515% in 30-year Treasury yields, potentially reaching 525% to 530%, could scare stocks [7] - The dollar has rallied for eight straight days, presenting a potential headwind for stocks due to the inverse correlation since April [7][8] Market Sentiment - Sentiment has shifted 180 degrees from April, becoming frothy based on survey polls and transactional data [9][10] - Nonprofitable tech stocks are experiencing vertical growth, indicating short-term froth [10] - A garden variety pullback to the 6,100 level is considered reasonable [11]