A widely followed crypto analyst is warning that Bitcoin (BTC) could plummet by double digits after failing to break out.
In a new strategy session, crypto trader Justin Bennett tells his 110,800 followers on the social media platform X that Bitcoin is at risk of falling more than 11% of its current value.
“BTC $53,000 has been my target since the $63,000 failure (see posts from mid-August), but don’t rule out $48,000. Markets love symmetry, and fake outs to one side of a pattern usually trigger extended moves in the opposite direction.”
Source: Justin Bennett/X
Looking at his chart, the analyst suggests that Bitcoin has hit the diagonal resistance of an ascending channel and is now in a downtrend that may test the lower bound of the channel at $48,000 before bouncing in October.
The analyst also warns that Bitcoin is appearing weak on the monthly chart after August put in a seven-month low.
“Is this still just a bullish retest for Bitcoin? I don’t think it is, and I’ve made that clear since April. BTC bulls need to get their ass in gear and soon for Bitcoin to avoid a significant correction. By the way, August was the lowest monthly close since January.”
Source: Justin Bennett/X
Bitcoin is trading for $54,359 at time of writing, down more than 3% in the last 24 hours.
