Bitcoin (BTC) Price Might Crash 30%-40% If This Happens!

Justin Bennett, a renowned crypto strategist, and trader come forward to warn Bitcoin (BTC) and Ethereum (ETH) traders amid a struggling market.

The analyst informed his 106,800 followers over Twitter that there is currently an increased sell-off witnessed in the stock market, which will also impact the crypto space, especially Bitcoin.

Bitcoin To Track The S&P 500

As per the analyst, the current stock market sell-off is pointing towards a massive downward movement. He predicts the S&P 500 to drop by 16% and a concurrent fall of 30-40% for Bitcoin.

Today’s selloff from #stocks is more than just a single red day.
It confirms a massive fakeout, likely triggering an extended move lower.
The 3,400 pre-COVID high is a prime target. I’ve said this since May.
That’d be -16% for the S&P or about -30-40% for $BTC if it happens. pic.twitter.com/751nyXUwYl
— Justin Bennett (@JustinBennettFX) August 26, 2022

At the time of publication, Bitcoin is selling at $19,832, with a plunge of 1.24% over the last 24hrs.

Justin added that BTC is not in a good place at the moment and soon might fall below the diagonal support maintained since 2015, as it is testing this trend line.

Ethereum (ETH) To Plunge?

The analyst took up Ethereum next. According to him, in the 4-hr time frame, there is a head and shoulder pattern formed as a result the price seems to be headed toward a lower price level of $1,000.

Currently, Ethereum is changing hands at $1,447, after a drop of 3.02% in the last 24hrs.

Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-might-crash-30-40-if-this-happens/