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29 November 2020

Bitcoin suddenly slides 4% as BofA predicts a 20% stock market crash

Bitcoin suddenly slides 4% as BofA predicts a 20% stock market crash


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Bitcoin suddenly slides 4% as BofA predicts a 20% stock market crash.

While the correlation between Bitcoin and stocks has declined in recent weeks, the slump of risk-on assets could negatively affect cryptocurrencies.

stock market indices declined by 5% to 6%, Bitcoin rallied by nearly 16%.

But, the confluence of Bitcoin facing a multiyear resistance level at $14,000 and the lack of certainty around risk-on assets could slow BTC’s momentum.

If the market uncertainty persists after the election, there is a higher probability that it would place BTC in the low $13,000 region for a prolonged period, which wouldn't necessarily be unhealthy. .

"A correction wouldn’t necessarily be unhealthy for the Bitcoin market at this point, as that may lead to further accumulation," explained Cointelegraph Markets analyst Michael van de Poppe in his latest Bitcoin price technical analysis. He added: .

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