A closely followed crypto analyst is turning bearish on Bitcoin, warning that BTC may plummet into the $90,000 range.
In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that Bitcoin is bumping into resistance at the $106,061 level on the four-hour chart and is likely going to have a pullback.
“Hopefully, you’ve avoided getting bullish at resistance. Still looking for $98,600, followed by $91,800, and still short BTC.”
The analyst also warns that Bitcoin’s price action appears to be having a correlation with the performance of the S&P 500 and that the equities may correct after hitting a range high.
“If BTC’s price action has you confused, check the S&P for clues. Sweep one side, then sweep the other, and range until proven otherwise.”
Bennett also shares a chart showing how BTC and the S&P 500 appear to be moving in tandem.
While Bennett is short-term bearish on BTC, pseudonymous trader Pentoshi tells his 850,000 followers on the social media platform X that he is bullish on Bitcoin as it continues to find support in the $100,000 range.
“BTC [to] $120,000. Think it’s had every chance to sell off, and it hasn’t so higher first.”
He also notes that investor demand for spot Bitcoin exchange-traded funds (ETFs) remains strong, suggesting bullish sentiment.
“[On Thursday] the ETFs continued to buy, both BTC and ETH heavily. Eventually, sellers get absorbed, and people lose their coins. There are times when they are buying, and price isn’t going up, but eventually the demand overwhelms supply. Sure, demand will eventually dry up. But it hasn’t been the case yet.
Price stops going up and people question everything.
I’ll say it again, it’s not a straight line to the destination, but we will get there eventually.”
Bitcoin is trading for $102,549 at time of writing, down 2.1% in the last 24 hours.
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