Cryptocurrency market started July with a sideways trend. Bitcoin (BTC), on the other hand, closed the month below $ 20,000. The leading cryptocurrency spent the first half of 2022 far below expectations.

On the Bitcoin (BTC) side, where technical data is weak, a prediction that will upset investors came from the famous crypto analyst Justin Bennett. Justin discussed the possible levels that Bitcoin (BTC) could go down. The famous analyst said that if the S&P 500 officially declines, Bitcoin (BTC) may continue to slide down.

   “If we see a bear market, a real bear market for the S&P 500, and enter a period where we think we are in a personal recession, then we might see the S&P 500 fall 30%, 40%. The S&P 500 is down just 19% from its all-time high, while BTC is 20,000. "If it's hovering around $20,000, then what happens if the S&P 500 drops 30% or 40% or 50%? We'll see Bitcoin well below $20,000. I can pretty much guarantee you that."

Btc bitcoin risk drop

According to Bennett, the S&P 500 index, which has been strongly correlated with Bitcoin (BTC) since the market downturn began, has yet to enter bear market territory.

   “Bitcoin and the S&P 500 have been following each other since this sell-off began. And right now, BTC is far from its all-time high. But the S&P 500 is just 19% away from its all-time high, the start of a 20% bear market.”

At the time of writing, the Bitcoin (BTC) price was recorded as $19,315, below $20,000, according to CoinGecko data. The last 24-hour trading volume was $28.414.484.552. Bitcoin (BTC) price is up 0.1% in the last 24 hours.