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

PANews October 17 news: on-chain analyst Darkfost published a post rebutting the scenario that Bitcoin could fall to $10,000 after a major correction in U.S. stocks. He said that under his statistical framework, BTC falling to $10,000 would mean a drawdown of about 92% from its all-time high; in Bitcoin's history, only 2011 saw a daily closing price drawdown exceeding 92%.

Darkfost believes that as Bitcoin's market capitalization has expanded substantially compared with its early days, its resilience to drawdowns has also strengthened, and a decline of more than 20% in the S&P 500 index cannot simply be equated with BTC falling to $10,000. He also noted that since Bitcoin's inception, there have been only 5 periods in which the S&P fell by more than 20%, so the historical sample is limited.