Bitcoin may experience further declines if AI and tech stocks undergo a sell-off, according to BTSE COO Jeff Mei. The recent downturn in Bitcoin is attributed to market fears over the overvaluation of AI concept stocks. Augustine Fan from SignalPlus highlighted the absence of new positive catalysts and ongoing security and regulatory concerns, which may deter institutional investors. The global cryptocurrency market cap hit a record $4.4 trillion in early October but saw a 20% correction, erasing most of the year's gains. This correction led to $19 billion in leveraged positions being liquidated, causing a significant sell-off and a dip in market confidence. Bitcoin's price also fell below its 200-day moving average, a critical support level not breached since the 2022 bear market.