Crypto trader Justin Bennett is warning that Bitcoin (BTC) might take a significant dive if it breaks below a crucial support level.
Bitcoin’s Potential Bearish Reversal
Bennett, who boasts a large YouTube following, sees signs suggesting Bitcoin could reverse its recent upward trend. He’s particularly focused on the $106,000 support level. If Bitcoin falls below this, he anticipates a substantial correction.
Potential Price Targets
Bennett outlines potential price targets if the $106,000 support fails:
- First Target: Around $101,000
- Second Target: Approximately $97,000
- Third Target: Around $92,000
He emphasizes that these targets would be hit sequentially, meaning Bitcoin would likely drop to the first target before moving to the second, and so on.
A Bullish Scenario
However, Bennett also points out a scenario where Bitcoin could avoid a crash. If Bitcoin rallies from its current price (around $107,560) and breaks above $109,000, holding above that level, it would negate the bearish prediction. Reclaiming $110,000 on the daily chart would also signal a bullish reversal.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading slightly below its all-time high, around 4% lower. Remember, this analysis is just one trader’s opinion and should not be considered financial advice. Always do your own research before investing in cryptocurrencies.
