Update: Forecast for Bitcoin

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$BTCUSD $SPY

Bitcoin: we believe BTC’s near-term price action is still largely influenced by the S&P 500. Bennett also says that the S&P 500 looks overall bearish after failing to move above a Key mark.

“The S&P 500 failed to close above 3,900 last wk. Get below this short-term trend line [3,750], and 3,640 is likely next, followed by the 3,400 pre-Covid high. 3,400 is only a matter of time, in my opinion.

A move to 3,400 for the S&P 500 puts BTC at risk of another significant correction.

“3,400 is about 12% below current marks.

The last time the S&P 500 dropped 12%, BTC lost 33%.

That does not mean it will repeat exactly, but a 20%-30% drop from Bitcoin is reasonable if the S&P 500 tests 3,400.”

A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

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Have a prosperous day, Keep the Faith!

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