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      Analyst Darkfost: A 20% S&P 500 pullback does not mean Bitcoin will fall to $10,000

      PANews, October 17 - On-chain analyst Darkfost published a post rebutting the scenario that Bitcoin could fall to $10,000 after a sharp pullback in U.S. stocks. He said that, by his statistical measure, BTC falling to $10,000 would mean a drawdown of about 92% from its all-time high; in Bitcoin's history, only in 2011 did a daily closing-price drawdown exceed 92%.

      Darkfost believes that as Bitcoin's market cap has expanded significantly compared with its early days, its resilience to drawdowns has also strengthened, and a decline of more than 20% in the S&P 500 cannot simply be mapped to BTC falling to $10,000. He also pointed out that since Bitcoin's inception, there have been only five periods in which the S&P 500 fell more than 20%, so the historical sample is limited.


      Source: PANews
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