A widely followed crypto analyst is warning traders Bitcoin (BTC) looks ready to fall further along with the rest of the markets.
Crypto trader Justin Bennett tells his 101,300 followers that BTC will likely fall at least 15-25% before a rebound.
“If BTC takes out this trend line and especially the $20,000 area on the daily chart, we likely get that capitulation.
Still another 15-25% to go [in my opinion]. That means at least another 30% lower for most altcoins.”
Re-analyzing his trendline again two hours later, Bennett warns the support looks incredibly unstable.
“BTC testing [the trendline] again. Looks weak af.
A close below [the trendline] and crypto unravels even more.”
Bitcoin is trading for $20,671 at time of writing, still above Bennett’s predicted trendline.
The crypto trader turns his attention to the total crypto market capitalization (TOTAL), reminding traders he expects the previous cycle peak will act as support for the current markets.
“I posted this a while back, but $730 billion is the measured objective and the previous cycle peak for TOTAL.
$670 billion-$730 billion is the support area to watch during this next move.”
Bennett now thinks TOTAL will drop below the support he previously suggested.
“The next leg lower looks imminent.
This is where we’re probably going. Another 15-25% to reach the TOTAL confluence of support and measured objective.
Expect a 30% drop for most altcoins.”
The TOTAL crypto market cap sits at $8.97 billion, still above the previous peak cycle support Bennett highlighted.
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