Bitcoin’s recent correction has led analyst and trader Justin Bennett to express bearish sentiment towards the cryptocurrency. With Bitcoin falling to a five-month low, Bennett believes that it is potentially forming a rising wedge pattern on the four-hour chart, which is typically considered a bearish signal indicating further downside price action. Based on his analysis, Bennett suggests that Bitcoin could drop to just above $50,000. He identifies $57,800 as a critical support level for Bitcoin, stating that if it fails to hold this level, the price could revisit the lows of $53,000/$54,000, and potentially even reach $50,000. Despite Bitcoin trading at $57,855 at the moment, Bennett finds the price action unconvincing. Another analyst, Inmortal, shares a similar bearish view on Bitcoin, stating that the shake-out in the crypto market is not over and that it could take another couple of months before there is any relief. Inmortal believes that this period is being used by market participants to prepare for the next phase of the bull market. As always, investors are advised to conduct their own research and exercise caution when investing in Bitcoin or any other high-risk assets.
