Markets
Crypto Analyst Justin Bennett Issues Warning on Bitcoin, Says Crypto Market Will Get ‘Hammered’ If This Happens
A widely followed crypto analyst is issuing a warning about Bitcoin (Bitcoin), saying the crypto king could see a sharp decline in price if another major market crashes.
In a new strategy session, crypto trader Justin Bennett it says his 110,800 followers on the social media platform X that BTC and crypto in general will be harmed if the stock market crashes.
“Crypto bulls better pray the stock market doesn’t roll over because recent relative weakness suggests the crypto market will take a hit if that happens.”
According to Bennett, if Bitcoin’s latest price drop was a falsification or a deviation, would already have been known.
“BTC is still below its October 2023 trendline and we are now seeing some follow through.
If this was a fake/drift, it probably should have occurred on that June 17th candle. Not great, especially when you consider the S&P, Nasdaq, etc. have only been up for weeks.”
Source: Justin Bennett/X
Bennett continues observation that the declining level of market dominance of the stablecoin Tether (USDT) could also significantly impact the digital asset market.
Trader charts indicate that Tether dominance is forming a higher low, which could spell bad news for crypto markets.
“I warned you about this USDT.D trendline (Tether dominance) months ago and it is still highly relevant. Biggest low development? This could change, but it is not a good outlook for the crypto market as things stand.”
Bitcoin is trading at $65,027 at the time of writing, while Tether’s dominance level is seated at 4.87.
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Featured image: Shutterstock/GrandeDuc/Nikelser Kate