S&P 500 May Pullback: Crypto Analyst Warns of 38% Drop in Bitcoin

• Crypto analyst and trader, Pentoshi, warns of a potential 38% drop in Bitcoin (BTC) price.
• Pentoshi cites Department of Justice (DOJ) lawsuit against Binance and correction in the stock market as headwinds for Bitcoin.
• The S&P 500 index is expected to pullback towards 4,300 in the next few weeks.

Crypto Analyst Warns of Possible 38% Drop in Bitcoin Price

A widely followed crypto analyst and trader has issued a warning that Bitcoin (BTC) could drop by as much as 38% if it loses its immediate support. The pseudonymous analyst known as Pentoshi made the prediction on Twitter to his 693,000 followers.

Headwinds That Could Catalyze Next Leg Down For BTC

The top trader mentions several factors that could be contributing to bearish sentiment on Bitcoin. These include the possibility of a Department of Justice (DOJ) lawsuit against crypto exchange Binance and a possible correction in the stock market after recent rallies.

S&P 500 Index Predicted To Pullback

According to pentoshi, there is some local exhaustion showing up in the S&P 500 index which is expected to pull back towards 4,300 over the next few weeks.

Investors Urged To Exercise Caution

Despite these predictions investors are urged to exercise caution when making high-risk investments in Bitcoin, cryptocurrency or digital assets. They should always do their due diligence before committing funds into any asset class.

Subscribe For Alerts

Those interested can stay up-to-date with all news related to cryptocurrencies by subscribing for alerts delivered directly to their inboxes.