Renowned crypto strategist Justin Bennett and traders come forward to warn Bitcoin (BTC) and Ethereum (ETH) traders amid a troubled market.
The analyst shared with his 106,800 followers via Twitter that the stock market is currently experiencing an increased sell-off that will also impact the crypto space, particularly Bitcoin.
Bitcoin to track the S&P 500
According to the analyst, the current sell-off in the stock markets indicates a massive downward movement. He forecasts a 16% decline in the S&P 500 and a simultaneous 30-40% decline for Bitcoin.
Today’s sell-off in #stocks is more than just a single red tag.
It confirms a massive fakeout that is likely to trigger a longer move lower.
The pre-COVID high of 3,400 is a priority target. I’ve been saying that since May.
That would be -16% for the S&P or around -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 1.24% drop in the last 24 hours.
Justin added that BTC is not in a good position right now and could soon drop below the diagonal support that has been held since 2015 as it tests this trendline.
Ethereum (ETH) before crash?
The analyst next took on Ethereum. According to him, there is a head and shoulders pattern forming on the 4-hour timeframe, causing the price to appear to be headed for a lower price level of $1,000.
Currently, Ethereum is changing hands at $1,447 after a 3.02% drop in the last 24 hours.
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