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Here’s why This Top Analyst Said Bitcoin (BTC) Could Crash A Lot lower than $20,000

Justin Benett, a popular crypto analyst and trader, has stated that Bitcoin (BTC), the largest cryptocurrency by market cap, is yet to bottom as the index tracking the performance of S&P 500 worsens.

In a new strategy session, Bennett told his teeming subscribers on YouTube that Bitcoin may continue its bearish trend if the S&P 500 fails the resurge.

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Justin Bennett noted:

“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.”

It should be noted that Bitcoin (BTC) has dropped below the $20,000 support level. At the time of press, BTC is trading at $19,058, with a relatively 5% price downtrend in the last 24 hours.

Bennett further stated that the S&P 500 index, which has clearly demonstrated correlation with Bitcoin since bears took over the market, is yet to enter the bear market territory.

Read Also: MicroStrategy Announces Purchase of Bitcoin (BTC) worth $10 Million amid Market Downturn

Although Bitcoin showcased some positive trends recently, the analyst believes that the flagship crypto is yet to bottom.

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.

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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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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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