Crypto analyst Justin Bennett is predicting a Bitcoin price drop, potentially taking the cryptocurrency back down to the $77,000 range. He shared his bearish outlook with his over 100,000 followers on X (formerly Twitter).
CME Gap and Resistance Levels
Bennett believes Bitcoin will “fill a CME gap,” a price difference between the Friday close and Monday open on the Chicago Mercantile Exchange, by dropping to approximately $77,360. This gap originated in November 2023. He also points to the recent rejection of the $92,000 resistance level as a key indicator supporting his prediction. He sees the bulls as being in a precarious position. He even suggests shorting Bitcoin around $91,000.
White House Summit: No Bullish Expectations
Bennett doesn’t anticipate the upcoming White House crypto summit to significantly boost Bitcoin’s price. He’s skeptical that any groundbreaking announcements will emerge, citing the inclusion of Cardano (ADA) in a “strategic reserve” as an example of what he considers underwhelming news. He predicts that the summit will likely result in a “buy the rumor, sell the news” scenario, leading to a further price decline.
Current Market Conditions
At the time of writing, Bitcoin is trading at around $87,884, showing a 3.7% drop in the last 24 hours.
Disclaimer: This information is for general knowledge and does not constitute financial advice. Always conduct thorough research before making any investment decisions.
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