Market Correlation
Crypto analyst Justin Bennett warns that Bitcoin could face a significant decline if the stock market takes a downturn. He believes the correlation between the two markets suggests that Bitcoin will be “hammered” if stocks fall.
Bitcoin’s Technical Analysis
Bennett’s analysis of Bitcoin’s chart shows that it is not looking promising. He believes that the recent price drop is not a fakeout and that Bitcoin is unlikely to break above its current resistance level anytime soon.
Bearish Sentiment
Bennett remains bearish on Bitcoin, arguing that anyone who is bullish at the current price level is “bullish on resistance.” He believes that Bitcoin’s dominance is a concern and that the crypto market is not in a good position.
Reasons for Optimism
Despite Bennett’s bearish outlook, some analysts believe that Bitcoin’s recent decline is temporary. Rekt Capital suggests that Bitcoin will retrace deeply before resuming its uptrend.
Next Leg Up
Other analysts, such as Don Alt and MikyBul Crypto, believe that Bitcoin is nearing its next leg up. They predict that the current range will end soon and that the breakout will be significant.
Potential Market Top
Based on previous halving cycles, Rekt Capital predicts that Bitcoin’s market top could occur sometime in 2025. Analysts expect Bitcoin to rise above $100,000 before reaching its peak.
Current Price
At the time of writing, Bitcoin is trading around $63,800, down over 2% in the last 24 hours.
