A closely followed crypto analyst and trader is warning that Bitcoin (BTC) is at high risk of a deeper correction.

In a new post, crypto trader Justin Bennett tells his 115,900 followers on the social media platform X that Bitcoin’s market structure is weakening as it fails to regain $92,000 as support.

“How do some people still not get it? Bitcoin closed February below $92,000. That happened. There’s nothing else to wait for. So far, March has found resistance there. As long as BTC is below $92,000 on a monthly closing basis, there’s every reason to be cautious on a macro level.”

The analyst says even if Bitcoin shows some market strength this month, if it fails to close March above $92,000, the flagship digital asset remains at risk of a collapse.

“Nice reclaim of BTC $81,500 + retest. US CPI (Consumer Price Index) came in lower than forecast after some hot January numbers, so most likely some relief from risk assets. I can see $88,000 and possibly a $92,000 sweep, but from there, all eyes shift back to the February breakdown I’ve discussed.”

Bennett also says that based on Bitcoin’s historic correlation with the performance of stocks, a market bottom is not likely yet in for BTC as the S&P 500 is correcting.

“And if the S&P monthly structure since the Great Financial Crisis (that I’ve shared 117 times) is any indication, we still have a ways to go before we can start talking about a meaningful bottom.”

Bitcoin is trading for $80,916 at time of writing, down 3.2% in the last 24 hours.

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A U.S. bankruptcy court has allowed the liquidators of the defunct crypto hedge fund Three Arrows Capital to substantially increase its claim against the collapsed crypto exchange FTX from $120 million to $1.53 billion.

In a March 13 ruling by the US Bankruptcy Court for the District of Delaware, the judge ruled that FTX is to pay out $1.53 billion to Three Arrows Capital, increasing the claim from the original $120 million filed in June 2023. FTX objected to the decision, arguing it was too late and would slow down their bankruptcy process. However, the judge sided with 3AC’s liquidators, opining that they had provided sufficient notice of their claim. The judge determined that the delay in filing the larger claim was mainly due to FTX not promptly sharing relevant records with 3AC’s liquidators. 3AC liquidators needed that information to properly assess and detail their claim.

The 3AC’s liquidators are claiming that FTX held $1.53 billion in 3AC’s assets, which were then liquidated to pay off 3AC’s debts. Furthermore, 3AC liquidators argued that those transactions were avoidable and that FTX didn’t provide the information that would’ve uncovered the liquidation.

Both 3AC and FTX were once major players in the crypto world, but both are no defunct. Three Arrows Capital was one of the largest crypto hedge funds that collapsed in June 2022 due to forced liquidation of overleveraged positions in Bitcoin (BTC), Ethereum (ETH), and other altcoins. They filed for bankruptcy in July 2022. Its liquidators are now trying to recover funds by selling their remaining assets and through various lawsuits, most notably against FTX and Terraform Labs to repay its creditors.

FTX crypto exchange declared bankruptcy in Nov. 2022 and has also seen been trying to recoup funds through various lawsuits, including one against Binance and Changpeng Zhao. FTX recently started their repayment process facilitated through BitGo and Kraken exchanges.