RATE Group | Chilling 32% Crash Prediction for S&P 500 Puts Bitcoin Price Rally At Risk
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Chilling 32% Crash Prediction for S&P 500 Puts Bitcoin Price Rally At Risk

11 May Chilling 32% Crash Prediction for S&P 500 Puts Bitcoin Price Rally At Risk

Posted at 08:19h in Bitcoin News by

  • Bitcoin is looking at red flags in its year-to-date price rally because of its short-term correlation with the S&P 500 index.
  • Doug Ramsey, the chief investment officer of the Leuthold Group, predicts that the U.S. benchmark is at the risk of falling by 32 percent.
  • The prediction leaves Bitcoin under serious downside risks, doubled further after concerns about a major sell-off after halving.

Bitcoin last week rallied above $10,000, eking out bigger intraday gains than the S&P 500 index. So does that suffice the cryptocurrency would fall even harder if the U.S. benchmark falls alongside? It appears so.

The bull run to $10,000-levels stands wiped-off on Monday. The bitcoin-to-dollar exchange rate earlier corrected by as much as 20 percent, plunging to near $8,100 amidst a massive sell-off. The downside move took place on a weekend, reflecting that the cryptocurrency was not taking directional cues from the closed S&P 500.

bitcoin, btcusd, cryptocurrency, crypto, s&p 500

Bitcoin and S&P 500 correlation | Source: TradingView.com

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