Top Crypto Trader Warns Bitcoin (BTC) Could Crash Much Lower Than $20,000 – Here’s Why

A crypto trader warns Bitcoin (BTC) could hit lower lows as a stock index tracking the performance of the 500 largest US public companies worsens.

Crypto analyst Justin Bennett tells his 10,400 YouTube subscribers that Bitcoin could continue sliding downwards if the S&P 500 officially turns bearish.

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“If we see a bear market, a true bear market for the S&P 500 and we enter a recession which I personally think that we’re already in a recession, then we could very well see the S&P 500 drop 30%, 40%, if not 50%.

And look, if BTC is hovering around $20,000 while the S&P 500 is off its all-time high by just 19%, then what happens if the S&P 500 is off by 30% or 40% or 50%?

We’re going to see Bitcoin a lot lower than $20,000. I can pretty much guarantee you that now.”

Bitcoin is trading at $20,016 at the time of writing, down a little over 1% on the day.

According to Bennett, the S&P 500 index, which has demonstrated a strong correlation with Bitcoin since the market downturn started, has yet to enter bear market territory.

Bitcoin and the S&P 500 have been tracking each other ever since this sell-off started. And right now BTC is off its all-time high by quite a bit but the S&P 500 is only off its all-time high by 19%. Twenty percent is the start of a bear market, so 19% is nothing.”

Despite Bitcoin falling below $18,000 before quickly recovering, the crypto analyst does not believe the bottom has been reached.

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“First and foremost, we obviously have this ascending channel that formed here off of the recent low, down here around $17,600.

Now I know a lot of people think that this is the macro bottom for BTC. I tend to disagree with that and I think a lot of people think this is the bottom because for a long time everybody was thinking that if we did see a bear market we’d see Bitcoin around $20,000 and then we would see a bounce.”


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Featured Image: Shutterstock/Jorm S

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