A crypto analyst with a large following is sounding the alarm on the potential downfall of Bitcoin (BTC) if another major market crashes. In a recent strategy session, Justin Bennett, a prominent crypto trader, warns his 110,800 followers on X social media platform that both BTC and the overall crypto market will suffer greatly if the stock market takes a dive.

Bennett emphasizes the importance of the stock market’s performance on the crypto market, stating, “Crypto bulls better hope that the stock market doesn’t decline because the recent weakness indicates that the crypto market will be severely affected if it does.”

Bennett further explains that if Bitcoin’s recent price drop was just a temporary setback or deviation, it would have already been apparent. He points out that BTC is still below its October 2023 trend line, and recent developments show that this is not a positive sign. He compares this to the performance of the S&P, Nasdaq, and other stock market indices, which have been steadily rising for several weeks.

Additionally, Bennett draws attention to the declining dominance level of stablecoin Tether (USDT) and its potential impact on the digital assets market. His charts indicate that Tether’s dominance is forming a higher low, which could have negative implications for the crypto markets. Bennett emphasizes the significance of this trend line and its relevance to the current state of the crypto market.

At the time of writing, Bitcoin is trading at $65,027, while Tether’s dominance level sits at 4.87.

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