Benzinga - Crypto analyst Justin Bennett has cautioned that Bitcoin (CRYPTO: BTC) could potentially plummet to significantly lower levels.
What Happened: On Thursday, Bennett, who boasts a following of over 110,800 on social media platform X, formerly Twitter, said that Bitcoin could see a decline of over 18%.
He stated, “Bitcoin is still range-bound, but the recent breakdown of the October 2023 trendline, combined with the February 26th and 27th imbalances, leads me to believe $ 52,000-$54,000 could be next,” adding, “A lot of liquidity is sitting below that 56,500 low, and markets seek liquidity.”
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His analysis suggests that Bitcoin could drop to the $60,751 level, bounce to around $63,000, and then collapse to below $54,000.
Update: Looking for a $67k sweep before entertaining a short. I'm not doing anything right now ahead of the weekend.— Justin Bennett (@JustinBennettFX) June 21, 2024
Bennett also noted that Bitcoin’s market top appears to be around the $65,000 level on the monthly chart, as it has failed to flip the area into support after multiple attempts since 2021.
Anyone bullish on $BTC here is bullish at resistance.I've said that for months, and nothing has changed.
Difficult, if not impossible, to argue otherwise.