Crypto analyst Justin Bennett is cautioning investors that Bitcoin (BTC) may experience a significant decline, potentially dropping to the $63,000 range. Bennett, who has a large following of 110,800 followers on the social media platform X, believes that Bitcoin could decrease by more than 18% from its current value. According to Bennett, recent market trends and imbalances indicate that Bitcoin could fall to the $52,000-$54,000 range. He notes that there is a substantial amount of liquidity below the $56,500 mark, which could attract market movements. While a surge above $72,000 to reach new highs cannot be ruled out, Bennett believes that a downward trend is more likely based on the BTC chart and the current status of the Dollar Index (DXY). The analyst suggests that Bitcoin could potentially drop to the $60,751 level, experience a bounce to around $63,000, and then collapse to below $54,000.
When examining the monthly chart, Bennett speculates that Bitcoin’s market top is around the $65,000 level, as it has repeatedly failed to establish support in that area since 2021. He emphasizes that anyone who remains bullish on BTC is essentially betting on resistance. Bennett clarifies that his analysis is not driven by a dislike for Bitcoin or cryptocurrencies, as he has been a supporter of the industry since 2020. However, he asserts that the facts presented in the charts do not paint a positive picture, and he believes that only the stock market is preventing a significant decline in the crypto market.
At the time of writing, Bitcoin is trading at $63,671, representing a decline of more than 1% in the last 24 hours. Investors are advised to exercise caution and conduct thorough research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. It is important to note that all transfers and trades are done at one’s own risk, and any resulting losses are the responsibility of the individual investor. The Daily Hodl, where this information originates, does not provide investment advice or act as an investment advisor.
