Crypto Could Follow Stocks Down
Popular crypto analyst Justin Bennett is warning of a potential crypto market downturn. He’s closely watching the correlation between the performance of the stock market and the crypto market. Bennett points to a possible pullback in the S&P 500, suggesting this could trigger a correction in the crypto market, potentially dragging down prices to the 5,877 region. He urges investors to pay close attention to this potential development.
Bitcoin’s Dominance on the Rise
Bennett also predicts that Bitcoin (BTC) will continue to outperform other cryptocurrencies (altcoins). He bases this prediction on the Bitcoin Dominance (BTC.D) metric, which currently sits at 61.92%. He expects this metric to climb towards 72% in the coming months.
Short-Term Sideways Trading Predicted
Looking ahead, Bennett anticipates short-term sideways trading for both Bitcoin and Ethereum (ETH), with a bearish bias. He attributes this to President Trump’s recent comments on trade tariffs. He notes that Bitcoin’s recent price action shows resistance around its mid-range.
Current Market Conditions
At the time of writing, Bitcoin is trading at $96,715, relatively unchanged for the day. Ethereum is trading at $2,637, down 2.5% in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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