A widely followed crypto analyst is outlining two possible routes Bitcoin (BTC) could take after bouncing off a major support level.
In a new thread, crypto trader Justin Bennett tells his 115,700 followers on the social media platform X that it’s “crunch time” for the top crypto asset by market cap after recovering from a dip, noting that it could plunge below $100,000 if BTC bulls don’t step up.
“Recap: BTC failed at $110,000 and $106,600 in May [and hit] $100,000 on Thursday. We had the Asia session bounce back to $104,000 as anticipated. Now, does Bitcoin fill the $97,000/$98,000 imbalance? Or can bulls reclaim this $104,000-$105,000 area? Crunch time.”
Source: Justin Bennett/X
Bennett also said that the flagship digital asset bouncing off $100,000 to hit $104,000 was a bullish scenario that would likely send BTC above $106,000.
“There you go. Nice bounce from $100,000 support. Looking pretty bullish so far. $104,000-$105,000 is resistance today. A reclaim would be bullish back to $106,600, but it’s resistance until proven otherwise.”
Source: Justin Bennett/X
Bennett goes on to note that other factors could influence the price of BTC, such as how the US stock market is doing and the dominance levels of Tether (USDT), the largest stablecoin in the world by volume.
“Almost there, fam. Same target and path I shared for crypto on May 21st. I’m not saying Tether dominance at 5% will be the bottom for BTC, but there should be a strong reaction in that area if tested. Remember that USDT [dominance] moves inversely to Bitcoin.”
Source: Justin Bennett/X
Bitcoin is trading for $105,202 at time of writing, a fractional increase on the day.
