Crypto trader Justin Bennett is predicting a significant drop for Bitcoin (BTC). He’s shared his analysis with his over 100,000 followers on X (formerly Twitter).
Bitcoin’s Potential Crash
Bennett believes Bitcoin has broken a key support level, signaling further downside. He points to a confirmed break below the $106,000 support. His prediction? A potential drop of up to 13%, taking BTC down to around $91,790. This depends on whether Bitcoin can hold support at $100,730 and then $97,762. He emphasizes that these targets are only valid if $106,000 acts as new resistance.
Tether’s Influence and Ethereum’s Outlook
Bennett also connects the potential Bitcoin downturn to the rising dominance of Tether (USDT) in the crypto market. He notes that this is a similar situation to what was observed eight days prior, and the recent breakout reinforces his bearish outlook. He stresses that while there are no guarantees, the chart patterns are significant.
He’s also not optimistic about Ethereum (ETH). He sees a bearish trend after ETH broke below an ascending trendline on the four-hour chart. He speculates that this could lead to ETH falling to $2,460 or even $2,360. However, he acknowledges that some price fluctuations are possible while support levels hold.
Current Market Conditions
At the time of writing, Bitcoin was trading around $105,365, and Ethereum around $2,605.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions, especially in the volatile cryptocurrency market. Any investment carries risk, and you could lose money.
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