Using the S&P 500 as a guide, the popular analyst Smart Contracter making predictions for Bitcoin (BTC); He stated in which direction the crypto money market will move.
btc and equites correlation.
i'ts hard to deny that since the feb corona virus top equites and btc have been HIGHLY correlated to each other.
I was bullish on btc here but am beginning to think a 5 wave move up and larger abc down may now be underway. pic.twitter.com/HQUqpHnHl7
— 👨🌾Benjamin Bluntz👨🌾 (@SmartContracter) June 16, 2020
Smart Contracter, as you know, is one of the important analysts who know that BTC is falling to $ 3,200. The analyst now says that BTC will experience a 30 percent decline next month. According to him, the leading cryptocurrency S&P 500 can see a low “ABC” correction according to Elliot Wave analysis. The analyst used the following statements regarding the subject:
“BTC and equality correlation. It is hard to deny that coronavirus upper equations and BTC have HIGH correlations with each other. I thought there was a bull on BTC here, but now I think there could be 5 wave up moves and bigger ABC correction. ”
Does it leap to $ 12 thousand?
The famous analyst expects Bitcoin to jump to $ 12,000 after this correction. However, the analyst says there may be a slight retreat in the stock market.
Bitcoin and S&P 500
Scott Minerd of Guggenheim Partners stated that the S&P 500 may experience a 50 percent drop in the coming months. According to analysts, if the S&P 500 experiences such a correction, there may be a drop in Bitcoin.