Markets
Cryptocurrency Analyst Issues Bitcoin Alert, Says BTC Fall “Seems More Likely” Now – Here Are His Targets
A widely followed crypto analyst warns that Bitcoin (BTC) could plunge to much lower levels as it falls into the $63,000 range.
Crypto trader Justin Bennett tell his 110,800 followers on social media platform X that Bitcoin could fall by more than 18% from its current value.
“Bitcoin is still range bound, but the recent break of the October 2023 trendline, combined with the imbalances from February 26-27, leads me to believe that $52,000 to $54,000 could be next. Much of the liquidity is below the $56,500 low and markets are looking for liquidity. We cannot rule out a rise above $72,000 to reach these highs, but a decline seems more likely at the moment, considering the BTC chart and what is happening with the DXY (dollar index). As always, this will be a level by level situation.
Source: Justin Bennett/X
Looking at his chart, the analyst suggests that Bitcoin could drop to the $60,751 level, bounce up to around $63,000, and then collapse below $54,000.
The analyst also said It appears that Bitcoin’s market top is around the $65,000 level on the monthly chart as it has failed to move the area into support after several attempts since 2021.
“Anyone who is bullish on BTC here is bullish on resistance. I’ve been saying this for months and nothing has changed. Difficult, if not impossible, to pretend otherwise. It was never about hating Bitcoin or crypto. I’ve been a proponent of crypto since I got involved in it in 2020, but facts are facts. The charts don’t look great, and the stock market is literally the only thing keeping crypto from falling off a cliff.
Bitcoin is trading at $63,671 at the time of writing, down more than 1% in the last 24 hours.
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