The cyclically adjusted price-to-earnings (CAPE) ratio for the S&P 500 is currently between 40 and 42, nearing its all-time high of approximately 44 seen during the late 1990s dot-com bubble. Historically, such elevated valuations in 1929 and 2000 preceded significant market downturns. Analysts suggest this could pressure Bitcoin if a market correction occurs, given its recent correlation with tech stocks. However, a competing view positions Bitcoin as a "digital gold" that could attract capital as an alternative store of value amid high equity valuations and public debt.