# Update: Forecast for Bitcoin

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Last modified: 2022-07-14

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By Paul Ebeling · 2022-07-14
Tags: Shayne Heffernan on Investments, Luxury, Lifestyle, Paul Ebeling, Crypto, Education, crypto, Bitcoin, Knightsbridge Insights, Living, Knightsbridge, Blockchain, 2022, KNIGHTS, Business, Market, Money, bitccoin
Signed: no (published before platform launch).
Nothing in this article is investment advice.

#crypto #bitccoin 

$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](https://knights.app/login)

[*Chec*](http://crypto.livetradingnews.com/en)[k Price Action](http://crypto.livetradingnews.com/en)

Have a prosperous day, Keep the Faith!

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