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Analysts expect a decrease in the S&P 500 and as a result, a decrease in the price of Bitcoin

10:44 11 五月 /2020

Many analysts attributed the March decline in Bitcoin prices to the decline in the S&P 500 index. Later, a clear correlation of Bitcoin and the S&P 500 index was proved, which reached its maximum level for the last two years.

After the March fall of the S&P 500, caused the decline in Bitcoin, Bitcoin analysts began to closely monitor the S& P500. He became a harbinger of the movement of the Bitcoin exchange rate. As soon as the S&P500 index showed growth after a while Bitcoin also added in price.

Recently, the Leuthold Group predicted a new decrease in the S&P500 index by about 32%. Leuthold Group Director Doug Ramsey believes that the current recovery of the S& P500 is a temporary adjustment, and the downtrend will continue soon for the index.

Given the correlation between the S&P 500 and Bitcoin, if a negative forecast occurs, then Bitcoin also expects a new downward decline. And we can assume that it will begin after a halving. Although many analysts are still confident in the rise in the price of Bitcoin after halving.

On May 10, we could already see the beginning of the decline in Bitcoin prices. In one day, Bitcoin lost more than $1000.

btcusd-11-May.jpg

If you are skeptical about the correlation between Bitcoin and S&P500, see the S&P5 00 price chart. On May 7, the S&P 500 grew by almost 2%. On the same day, Bitcoin was able to break above $10000.

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