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.

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.

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