Beware of this Bitcoin and S&P 500 Alert on

© Reuters.

By Laura Sanchez – With investors losing confidence in the cryptocurrency sector following the FTX bankruptcy and stock markets jittery over extraordinary central bank strategy, pundits continue to make predictions for the coming months.

In this case, Thomas Peterffy, president and founder of Interactive Brokers Group, warned in an interview with MarketWatch which could fall another 25 percent as the industry weathers the latest collapse of the world’s second-largest stock market.

After falling from a 1-year high of $69,000, Bitcoin is currently trading below $17,000.

  • Also read: Bitcoin Breaks Its Yearly Lows: Is Further Fall Expected?

“I’m surprised Bitcoin hasn’t fallen more during this scandal,” says Peterffy, noting that the world’s largest cryptocurrency could fall from its current $16,000 to around $12,000.

As for traditional stock markets, Peterffy said they are likely to fall 20% over the next 9 months as investors come to terms with lower corporate profits, companies facing higher interest rates and inflation.

“I don’t think inflation will go down to where the Fed wants it to go,” warns Peterffy, referring to the central bank’s desire to keep inflation at a level considered healthy for the economy, which is 2 percent.

Peterffy said he expects the S&P 500 to “reach the lows of 3,000 and 3,300 points.”

“I wouldn’t buy at that level now,” he concludes.


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