Cody McGrath 
Over the past week, Bitcoin (BTC) the world’s largest cryptocurrency has witnessed losses as it reached its lowest levels this year.
Bitcoin (BTC) is currently trading at around $33,000, its lowest price since July 2021. The token has dropped about 14% in the past week and is down more than 50% from its November high.
The majority of BTC’s losses occurred in concert with stock market declines in the United States, particularly the Nasdaq index. This correlation indicates that BTC is likely to experience further significant losses in the coming days.
United States stock futures shows significant losses
According to CNBC, US stock futures are currently down 1.2% to 2%. Nasdaq futures, in particular, are underperforming.
This year, BTC has mainly trailed the Nasdaq, with no sign of decoupling thus far. With the Nasdaq expected to fall sharply on Monday, it appears that BTC will follow suit.
BTC’s connection to equities appears to have improved in 2022. The token had its largest intraday losses immediately around the Wall Street open during its selloff last week (9:30 AM EST). As a result of this tendency, investors are treating the token more as a high-risk asset than a digital haven.
This year, the Nasdaq Composite index is down approximately 23%. BTC has dropped slightly, to around 27%. Fears of rising inflation and the anticipation that the Federal Reserve will raise interest rates sharply are driving both losses.
How low will Bitcoin fall?
With the Nasdaq forecasting a drop of near 2%, BTC could follow suit. The token is expected to finish Monday at around $32,000 and $30,000.
While some analysts believe the token is trading in a price range that predicted a large reversal in 2021, BTC has few triggers for a recovery. Peter Brandt, a veteran investor, has predicted that the token might go as low as $28,000.
The losses in BTC have induced similar decreases in the majority of the cryptocurrency market. Traders now appear to be shifting away from risky assets and toward safer options like stablecoins and even certain equities.