According to PlanB and his S2F model, it seems so

Bitcoin and Stocks: The Model Implying BTC Should Have Hit $25,000

“Explaining ‘implied price’ to a fellow Twitterati, he said that the previous S&P 500 close at around 3250, implies BTC hitting $25K. He also said that Bitcoin is like a ‘leveraged S&P position’ and that according to his chart, twice the position on S&P 500 is ‘400 times the position on BTC’, because the cryptocurrency rallies faster than the former.”

https://cryptopotato.com/bitcoin-and-stocks-the-model-implying-btc-should-have-hit-25000/