Bitcoin Risks Breaking $9K as JP Morgan Warns $170B Stock Market Sell-off

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Bitcoin Analysis

▪️ Bitcoin price risks breaking to the downside as strategists warn of a correction in the U.S. stocks.
▪️ Analysts at JP Morgan & Chase predicted that pensions funds would most likely dump $170 billion worth of their equity positions at the end of the second quarter.
▪️ It would leave Bitcoin under similar bearish spell owing to its growing positive correlation with the S&P 500 index.

Bitcoin may witness sharp downside moves heading into the third quarter of 2020.

The bearish sentiment emerges from the risks of a massive capital shift from the stock market to safer bonds. Analysts at JP Morgan said in a note published last week that they expect pension funds to dump about $175 billion worth of equities as a part of their quarterly portfolio rebalancing strategy.

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