Bitcoin Investors Get Stern Warning From Crypto Analyst, Price Could Get ‘Hammered’

Source Bitcoinist
Jun 21, 2024 14:00

Crypto analyst Justin Bennett has warned Bitcoin investors about what could cause the flagship crypto to decline further. The analyst also stated that things weren’t looking good for Bitcoin at the moment and suggested that a bullish reversal might not happen anytime soon. 

How Bitcoin Could Get “Hammered”

Bennett mentioned in an X (formerly Twitter) post that the recent “relative weakness” suggests that the crypto market, including Bitcoin, will get “hammered” if the stock market rolls over. The analyst made this statement based on the correlation between the stock and the crypto market. He had also noted that things weren’t great for the crypto market, especially considering that the S&P, Nasdaq, and other stocks have been enjoying an upward trend for weeks. 

Interestingly, the analyst stated that the stock market was “literally” keeping Bitcoin and the crypto market from “falling off a cliff.” He also analyzed Bitcoin’s chart and remarked that it doesn’t look great. Bennett has maintained his bearish stance towards Bitcoin as he mentioned that anyone who is bullish on Bitcoin at this current price level is “bullish on resistance.”

 

The crypto analyst believes that Bitcoin is unlikely to enjoy a successful breakout above its current resistance level anytime soon, claiming that it would have become evident by now if this recent price drop was a fakeout or deviation. Meanwhile, Bennett had previously highlighted Tether’s dominance, which he noted was developing a higher low. He acknowledged that things could change but stated, “It’s not a good look for the crypto market as things stand.”

BTC

Despite Bennett’s bearish stance, there is enough reason to believe that Bitcoin’s recent downward trend is temporary and that the bull run will continue soon enough. Crypto analyst Rekt Capital had previously warned that such price declines would occur, stating that Bitcoin will retrace deep enough to convince anyone that the bull run is over and then resume its uptrend. 

Bitcoin Almost Ready For Its Next Leg Up

Crypto analyst Don Alt recently suggested it was almost time for Bitcoin’s next leg up. He stated that the 100 days of range for Bitcoin is ending soon. He predicted that the imminent breakout would be “trend forming” and at least be maintained for as long as Bitcoin has ranged. Crypto analyst MikyBul Crypto also mentioned that this is Bitcoin’s final capitulation before it rallies to a cycle-top like it did in the 2016 post-halving. 

BTC

Rekt Capital previously mentioned that Bitcoin’s market top could come sometime in September or October 2025 if the flagship crypto follows previous halving cycles. Based on predictions made by these analysts, Bitcoin is expected to 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 over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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