Cryptocurrency expert predicts Bitcoin’s crash to $ 15,000

Crypto analyst Justin Bennett has warned the owners of the flagship asset that bitcoin BTC $74,734.81 Bitcoin -0.71% Market capitalization $1.48 trillion VOL. 24 hours $5.24 billion may experience a 54% correction from the current level.

According to the crypto trader, a sharp correction in the stock market could trigger a collapse of the main cryptocurrency, as it already happened in February and March 2020, when the S&P 500 stock index fell by 25%. During this period, bitcoin dropped by about 50%, from $ 10,500 to $ 3,782.

«For the record, I still believe that BTC will hit a low of $ 25,000 and possibly $ 15,000. It’s hard to believe until you look at stocks, namely the S&P 500 index and the $ 3,255 area. How will a 23% correction in the S&P affect bitcoin? It’s impossible to know for sure, but we know what happened during the last 25% correction. Shall we see?» — bennett speculates.

The crypto trader also noted that despite the fact that bitcoin showed «exceptional strength against stocks» in October, the divergence is not permanent, as «correlations change, just like markets.»

«If stocks go down, it’s only a matter of time before cryptocurrencies follow,» Bennett concluded.

On Sunday, October 29, bitcoin was trading at $ 34,111. The market capitalization of the main cryptocurrency amounted to $ 666 billion. Traders made daily trading deals worth $ 9.5 billion. Bitcoin’s market share amounted to 53%.

As a reminder, Matrixport analysts predict that bitcoin will grow to $ 125,000 in 2024. According to experts, this will be preceded by four bullish stages of the market flagship, and the fifth will come in the near future.