Again, as of today, the equities markets are down on average about 22% from their all time highs.
In 2008, the SP500 finished at about a 38% loss (but dropped almost 50% at the lowest point).
If the SP500 drops another 16%, we would back at 2008 financial crisis levels.
If Bitcoin dropped 16%, it would be sitting around $16,332.
If the SP500 dropped to its lowest point during the 2008 financial crisis (50% decline), and it's already dropped 22%, that would mean another 28% fall.
A 28% fall at Bitcoin's current price would put it right around $14,000.
So, the question to ask yourself..
Do you think this bear market will become as bad as the 2008 financial crisis BEFORE the FED reverses course and steps in again?
If so, then a sub Bitcoin price of $15,000 should be your target.
If you believe in a $10,000 Bitcoin, you are saying that the equities market will likely fall another ~45%, bringing the total loss to almost 70% from all time highs.
Here's what I think:
I think there is a decent chance we see Bitcoin between 15-18k.
Correlation is going to stay high while all eyes are on the FED's interest rate hikes over the next 3-6 months.
The FED talks a big game about "bringing the pain", but when that pain spreads from the people to the corporations, they are going to sing a different tune.
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