- Bitcoin could undergo corrections near $9,000 as Stan Druckenmiller, a billionaire hedge fund manager, warns about a stock market crash.
- The former George Soros’ chief strategist said a V-shape recovery for equities is a “fantasy.”
- The prediction put Bitcoin’s market cap under risks of a similar downsizing, given its growing correlation with the S&P 500 after March 2020.
As bitcoin struggles to close above $9,000, a chilling stock market prediction has decreased the cryptocurrency’s possibility of continuing its recovery rally any further.
Stan Druckenmiller, one of the world’s top money managers, said the U.S. equities’ likelihood of logging a V-shaped recovery is a “fantasy.” The billionaire investor spotted the risk-reward calculation for the Wall Street indexes at its worst, noting that even the Federal Reserve’s lending programs and the U.S. Congress’s stimulus programs wouldn’t save stocks from plunging further.
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