Markets
Crypto analyst Justin Bennett issues warning on Bitcoin, says crypto market will be ‘hammered’ if this happens
Widely followed crypto analyst issues warning about Bitcoin (BTC), saying the crypto king could see a big price drop if another major market collapses.
In a new strategy session, crypto trader Justin Bennett tell his 110,800 followers on social media platform X that BTC and crypto in general will be hammered if the stock market crashes.
“Crypto bulls better pray the stock market doesn’t reverse, as recent relative weakness suggests the crypto market will be hammered if it does.”
According to Bennett, if the latest Bitcoin price drop was a fake or a deviation, this would have already been known.
“BTC is still holding below its October 2023 trendline, and we are now seeing some follow through.
If this was a forgery/deviation, it probably should have happened on the June 17 candle. Not great, especially considering the S&P, Nasdaq, etc. have only been rising for weeks.
Source: Justin Bennett/X
Bennett continues note as the declining level of dominance of the Tether stablecoin market (USDT) could also have a significant impact on the digital asset market.
The trader’s charts indicate that Tether’s dominance is forming a higher low, which could be bad news for crypto markets.
“I have been warning about this USDT.D (Tether dominance) trendline for months, and it is still very relevant. Lower development? This could change, but it’s not a good idea for the crypto market as things stand.
Source: Justin Bennett/X Source: Justin Bennett/X
Bitcoin is trading at $65,027 at the time of writing while Tether’s dominance level is session at 4.87.
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Featured image: Shutterstock/GrandeDuc/Nikelser Kate