Bitcoin To $15k? What Could Send BTC Lower And Trigger Accumulation Time

It seems that there is a potential trigger that could bring the price of Bitcoin down, triggering accumulation time. Check out the latest reports about the prediction below.

Cryptocurrency analyst Justin Bennett has issued a warning regarding Bitcoin (BTC), the flagship crypto asset, as it has seen double-digit gains in the past week.

Bennett has informed his 110,800 followers on social media platform X that Bitcoin could experience a correction of up to 54% from its current level, based on the historical correlation between BTC and stocks.

According to the crypto trader, a sharp correction in the stock market could trigger a similar collapse in Bitcoin, similar to what occurred in February and March of 2020 when the S&P 500 stock index plummeted by 25%. During that period, Bitcoin’s value decreased by approximately 50% from around $10,500 to about $3,782.

“For the record, I still think BTC sweeps the $25,000 lows and possibly the $15,000 lows.

Difficult to believe until you look at equities, namely S&P 500 index and that 3,255 area.

How would a 23% correction from the S&P affect Bitcoin?

Impossible to know for sure but we know what happened during the last 25% correction.

Let’s see.”

According to Bennett, the S&P 500 index is expected to drop to approximately 3,255 points, which is a support level that was a resistance level in 2020, but has now become a support level in 2021.

This level also aligns with the index’s long-term ascending trend line, as per Bennett’s chart.

Currently, Bitcoin is trading at $34,050, while the S&P 500 index is at around 4,170 points.

Despite Bitcoin’s exceptional strength against equities this month, Bennett believes that the divergence is temporary as correlations between markets can ebb and flow.

“If equities puke here, it’s only a matter of time before crypto follows.”

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $34,058.