NEWSLETTER
Cryptoanalyst Justin Bennett has warned bitcoin Investors about which could cause the flagship cryptocurrency to fall further. The analyst also stated that things were not looking good for bitcoin at this time and suggested that a bullish reversal may not occur any time soon.
How bitcoin could be “hammered”
Bennett mentioned in an x (formerly twitter) x.com/JustinBennettFX/status/1803787864590766510″ rel=”nofollow” target=”_blank”>mail that the recent “relative weakness” suggests that the cryptocurrency market, including bitcoin, will be “hit” if the stock market crashes. The analyst made this statement based on the correlation between the stock and the crypto market. He had also noticed that things were not going very well for the cryptocurrency market, especially considering that the S&P, Nasdaq and Other actions They have been enjoying an upward trend for weeks.
Curiously, the analyst x.com/JustinBennettFX/status/1803822328465309757″ rel=”nofollow” target=”_blank”>fixed that the stock market was “literally” preventing bitcoin and the cryptocurrency market from “falling off a cliff.” He also analyzed the bitcoin chart and commented that it doesn't look very good. Bennett has maintained his bearish stance towards bitcoin when he mentioned that anyone who is bullish on bitcoin at this current price level is “resistance bullish.”
The crypto analyst believes that bitcoin is unlikely to enjoy a successful breakout above its current resistance level any time soon, stating that it would have already become apparent if this recent price drop was a fake or a deviation. Meanwhile, Bennett had x.com/JustinBennettFX/status/1801661610840215789″ rel=”nofollow” target=”_blank”>previously highlighted Tether dominance, which he noted, was developing a higher low. He acknowledged that things could change, but said: “It's not a good look for the crypto market how are things.”
Despite Bennett's bearish stance, there is enough reason to believe that bitcoin's recent downtrend is temporary and that the The bull run will continue soon enough. crypto Analyst Rekt Capital had previously warned that such price drops would occur, bitcoin/dave-the-wave-bitcoin-300000/” rel=”nofollow noopener” target=”_blank”>indicating that bitcoin will pull back enough to convince anyone that the bull run is over and then resume its uptrend.
bitcoin almost ready for its next step
crypto Analyst Don Alt recently suggested that it was almost time for bitcoin's next step up. He x.com/CryptoDonAlt/status/1803868390051774860″ rel=”nofollow” target=”_blank”>fixed that the 100+ day range for bitcoin will end soon. He predicted that the imminent breakup would be “trend formation”And at least hold for as long as bitcoin has oscillated. crypto analyst MikyBul crypto also x.com/MikybullCrypto/status/1804062008205086832″ rel=”nofollow” target=”_blank”>mentioned that this is bitcoin's final capitulation before it hits a cycle top like it did in the post-2016 halving period.
bitcoin/dave-the-wave-bitcoin-300000/” rel=”nofollow noopener” target=”_blank”>Capital Rekt I mentioned earlier that the top of the bitcoin market could come sometime in September or October 2025 if the flagship cryptocurrency follows previous halving cycles. According to the predictions made by these analysts, bitcoin is expected to bitcoin/bitcoin-100000-cardano-dead/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.” rel=”nofollow noopener” target=”_blank”>rise above $100,000 before it reaches the peak of this bull run.
At the time of writing, bitcoin is trading at around $63,800, down more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
