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Crypto’s correlation to stocks could spur massive BTC price decline

Bitcoin and the crypto market appear to have been forming a close correlation to the stock market over the past few months.
This correlation has grown incredibly strong in recent weeks, and it does appear that crypto investors are taking their cues from the traditional markets – likely with the assumption that BTC will closely trail the equity
market’s movements.

Data backs this notion, as the realized correlation between Bitcoin and the S&P 500 surged since mid-May and continued climbing in June.

One economist believes that this correlation makes downside more favorable for the crypto market, with BTC potentially being bound to see a decline of between $500 and $1,000 in the coming weeks.