Bitcoin’s Weak Market Structure
A popular crypto analyst, Justin Bennett, is warning his 115,900 followers about a potential Bitcoin crash. He points out that Bitcoin’s price hasn’t been able to stay above $92,000, a key support level. Bennett emphasizes that Bitcoin closing February below $92,000 is a significant signal, and until it closes above that price monthly, caution is warranted. He believes the current market structure is weakening.
Short-Term Gains, Long-Term Concerns
While Bennett acknowledges that Bitcoin might see some short-term price increases, potentially reaching $88,000 or even briefly touching $92,000, he stresses that a monthly close below $92,000 keeps the risk of a significant drop high. He sees the recent price bump as potentially linked to positive news about the US Consumer Price Index (CPI).
Bitcoin and the Stock Market Connection
Bennett also highlights the historical correlation between Bitcoin and the stock market. He argues that since the S&P 500 is currently correcting, a Bitcoin market bottom is unlikely anytime soon. He references a long-term analysis of the S&P 500’s structure, suggesting a considerable period before a true market bottom can be expected.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading around $80,916, down about 3.2% in the last 24 hours. It’s important to remember that this information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
