Crypto analyst Justin Bennett warns that Bitcoin (BTC) may experience further price declines based on the Tether dominance chart (USDT.D). He believes the market bottom for BTC may not have been reached yet.
Tether Dominance Chart
Traders often monitor the USDT.D chart to assess the proportion of the crypto market cap held in the stablecoin Tether (USDT). A bullish USDT.D chart is typically interpreted as bearish for Bitcoin and other cryptocurrencies, indicating that traders are selling their crypto holdings for stablecoins.
Bitcoin Retest at $30,000?
Bennett previously suggested that Bitcoin might retest the $30,000 level, a significant decline from its current value, based on the USDT.D chart.
S&P 500 (SPX)
Bennett is also closely watching the S&P 500 (SPX), noting similarities between its current market structure and that of Bitcoin when it reached its peak in April 2021. He believes the SPX may be nearing a cycle top.
The opinions expressed in this article are not intended as investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.