Cryptocurrency analyst Justin Bennett is warning Bitcoin (BTC) could see a further drop before it starts climbing again. He believes BTC could fall below $60,000 before it starts trending higher.
Bitcoin Needs to Break Resistance
Bennett, who has over 100,000 followers on social media, says Bitcoin needs to turn its resistance levels into support levels to confirm an uptrend. He explains that a “sweep without a reclaim” could lead to a break with follow-through, which is something he doesn’t recommend holding onto.
He adds, “The reclaim is the trigger. It’s what tips the scales from possible to probable. No trigger, no trade.”
Downtober Before Uptober?
Bennett predicts that Bitcoin might experience a dip in October before potentially rallying. He points out that Bitcoin’s price action over the last six months suggests that the September gains could be partially retraced before the next rally.
Tether Dominance is Key
Bennett believes that the Tether (USDT) dominance level needs to fall before Bitcoin can reach new all-time highs. He explains that for Bitcoin to break its previous highs, Tether’s dominance needs to break its 2018 trend line.
“There’s no other way. That’s not a bearish crypto comment, it’s just an observation. All trend lines break eventually. This will also be the most painfully obvious signal that BTC is ready for all-time highs.”
Bitcoin Currently Trading at $61,145
At the time of writing, Bitcoin is trading at $61,145.
Disclaimer:
This information is not financial advice. Always do your own research before making any investment decisions. /p>
