Bitcoin Analyst Justin Bennett Warns of Further Downside Potential for BTC
Renowned analyst and trader Justin Bennett has issued a warning for Bitcoin (BTC) investors, suggesting that the leading cryptocurrency could experience further losses after breaking down from key support levels.
Bennett recently shared his insights with his 115,400 followers on X, stating that Bitcoin has experienced a “confirmed break” after dropping below a critical support level at approximately $106,000.
According to Bennett, Bitcoin could potentially decline by as much as 13% from its current price to around $91,790 if it fails to hold support levels at $100,730 and $97,762.
“These downside targets remain in play as long as $106,000 acts as new resistance on the daily timeframe,” Bennett emphasized.
Furthermore, Bennett expressed concerns about the bearish potential for both Bitcoin and Ethereum (ETH) as the dominance of Tether (USDT) in the market increases.
“The rising USDT dominance indicates a bearish outlook for BTC and ETH. The recent confirmed breakout signals a shift in market sentiment. It’s essential to analyze the charts objectively and prepare for potential pullbacks,” Bennett explained.
Shifting focus to Ethereum, Bennett noted that the second-largest cryptocurrency by market cap is displaying bearish tendencies following a break below an ascending trendline on the four-hour chart.
“The breach of this trendline suggests a potential downturn for ETH, with targets set at $2,460 and $2,360. Despite today’s false breakout above range highs, Ethereum remains tilted towards a bearish outlook,” Bennett stated.
At the time of writing, Bitcoin is trading at $105,365, while Ethereum is priced at $2,605.
Stay Informed with X
For the latest updates on cryptocurrencies and market trends, follow us on X, Facebook, and Telegram.
Subscribe to our email alerts to receive notifications directly to your inbox and monitor price actions with The Daily Hodl Mix.
Featured Image: Shutterstock/X-Poser/Chuenmanuse