This development is significant as IntoTheBlock data shows that BTC and the stock market still have a strong positive price correlation. Related Reading: Bitcoin Price Action Says Bottom Is In, Analyst Reveals What’s Coming The crypto analyst stated that BTC bulls can turn this bearish setup for the Bitcoin price in the next 20 days, as diverging would lead to a bullish setup instead.
This came as he revealed a critical technical indicator, which has turned bearish for the flagship crypto, although he noted that BTC bulls can still invalidate this current bearish setup. Bitcoin Price At Risk Of Further Crash As S&P Monthly LMACD Turns Bearish In an X post, Severino indicated that the Bitcoin price could crash further as the S&P 500 monthly LMACD has begun to cross bearish and the histogram has turned red.
However, the Bulls’ failure to turn this around for Bitcoin could lead to a massive decline for the flagship crypto, worse than it has already witnessed. Severino stated that a confirmation of this bearish setup at the end of the month could kick off a bear market or Black Swan type event similar to what happened when the last two crossovers occurred.
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