Could be, but the fact that there is too much fiat in circulation might be playing an important role in how the stock market bubble may last much longer than we think, which is why I wouldn't be surprised to see it go up more.

When the bubble finally pops, you can be sure that the bear market will last several years with how slow the legacy market cycles through its phases. The next question will be where all that capital will shift to.

It could be that crypto will directly benefit from a stock market pop. If even 10% of that capital ends up in the crypto market, we'll see an institutional driven bull run that makes the previous retail bull runs look like a joke.