Crypto analyst Justin Bennett warns that Bitcoin (BTC) could face a steep decline if it fails to hold support at $61,000. He believes that a break below this level could keep BTC in a downtrend for some time.
On the other hand, if BTC can rally above $65,000 on the monthly chart, it would signal a bullish trend.
Ethereum’s Weakness
Bennett also notes that Ethereum (ETH) against Bitcoin (ETH/BTC) is likely to drop further after failing to hold a crucial support level. He predicts a potential move towards previous highs in the 3.8-4% range.
Ethereum’s Similarity to July 2023
The analyst cautions that Ethereum could follow a similar bearish pattern to July 2023 if it fails to reclaim $3,150 on its weekly chart. He emphasizes the importance of trend lines in predicting price movements.
