A widely followed crypto analyst is warning that Bitcoin (BTC) could plunge to much lower levels as it drops to the $63,000 range.
Crypto trader Justin Bennett tells his 110,800 followers on the social media platform X that Bitcoin could decline more than 18% from its current value.
“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. A lot of liquidity is sitting below that $56,500 low, and markets seek liquidity. We can’t rule out a run above $72,000 to take out those highs, but lower seems more likely right now, given the BTC chart and what’s happening with the DXY (Dollar Index). As always, it’ll be a level-by-level situation.”
Source: Justin Bennett/X
Looking at his chart, the analyst suggests that Bitcoin could decline to the $60,751 level, bounce to around $63,000 and then collapse to below $54,000.
The analyst also says that it appears Bitcoin’s market top is 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. This has never been about me hating on Bitcoin or crypto. I’ve been a supporter of crypto since I got involved in 2020, but facts are facts. The charts don’t look great, and the stock market is literally the only thing keeping crypto from falling off a cliff.”
Source: Justin Bennett/X
Bitcoin is trading for $63,671 at time of writing, down more than 1% in the last 24 hours.
Generated Image: DALLE3
