Bitcoin (BTC) has dropped 5.65% week-to-date to about $68,700, while the S&P 500 (SPX) closed the week down 1.90%. This has historically led to average declines of around 50% since 2018. The renewed correlation between Bitcoin and SPX signals further downside in the Bitcoin market. A 50% drop from Bitcoin's current price would imply a downside target of roughly $34,350 if the historical pattern repeats. Meanwhile, the largest Bitcoin holder, Strategy (MSTR), has not bought BTC via the sales of its STRC preferred stock this week.