‘Crunch Time’: Crypto Trader Justin Bennett Outlines Two Possible Scenarios for Bitcoin After BTC Bounces From Major Support Level
A extensively adopted crypto analyst is outlining two doable routes Bitcoin (BTC) may take after bouncing off a significant help degree.
In a brand new thread, crypto dealer Justin Bennett tells his 115,700 followers on the social media platform X that it’s “crunch time” for the highest crypto asset by market cap after recovering from a dip, noting that it may plunge under $100,000 if BTC bulls don’t step up.
“Recap: BTC failed at $110,000 and $106,600 in Could [and hit] $100,000 on Thursday. We had the Asia session bounce again to $104,000 as anticipated. Now, does Bitcoin fill the $97,000/$98,000 imbalance? Or can bulls reclaim this $104,000-$105,000 space? Crunch time.”
Bennett additionally said that the flagship digital asset bouncing off $100,000 to hit $104,000 was a bullish state of affairs that might probably ship BTC above $106,000.
“There you go. Good bounce from $100,000 help. Trying fairly bullish up to now. $104,000-$105,000 is resistance at present. A reclaim could be bullish again to $106,600, however it’s resistance till confirmed in any other case.”
Bennett goes on to notice that different elements may affect the value of BTC, comparable to how the US stock market is doing and the dominance levels of Tether (USDT), the most important stablecoin on the earth by quantity.
“Nearly there, fam. Identical goal and path I shared for crypto on Could twenty first. I’m not saying Tether dominance at 5% would be the backside for BTC, however there must be a robust response in that space if examined. Keep in mind that USDT [dominance] strikes inversely to Bitcoin.”
Bitcoin is buying and selling for $105,202 at time of writing, a fractional enhance on the day.
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