Analysis

A Bitcoin Crash to $10,000 ‘Still in the Cards,’ Warns Crypto Analyst Justin Bennett – Here’s Why

Crypto analyst and dealer Justin Bennett is warning that Bitcoin (BTC) nonetheless might endure a large market crash this cycle.

Bennett tells his 110,700 followers on the social media platform X that the crypto king might decline by greater than 74% from its present worth if a black swan occasion triggers a extreme correction.

In response to the strategist, there nonetheless exists the likelihood that Bitcoin repeats an analogous value sample in 2020 when the crypto king plummeted in the beginning of the COVID-19 pandemic.

“$10,000-$15,000 BTC continues to be within the playing cards, IMO (in my view). Positive, COVID was a black swan, nevertheless it’s not like we don’t have a laundry record of systemic points to select from this time round. The chart speaks for itself.”

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Supply: Justin Bennett/X

Taking a look at his month-to-month chart, the dealer means that Bitcoin might collapse right down to the diagonal help degree that Bitcoin touched in the course of the pandemic after going through resistance on the Fibonacci retracement degree of 0.768.

The dealer additionally believes Euro’s efficiency towards the U.S. greenback (EUR/USD) suggests Bitcoin and the broader crypto market is in a downward development.

“The fiat foreign money market is as soon as once more flashing warning indicators about what could possibly be subsequent for Bitcoin and the remainder of the crypto market.”

He’s additionally warning that Bitcoin’s upcoming halving occasion in April might not be a catalyst for a rally if there are unfavorable macroeconomic situations.

“Bitcoin is programmed to go up due to the halving, proper? Incorrect… The halvings are a essential part of the tokenomics that make Bitcoin an unbelievable long-term maintain. However financial information guidelines all in figuring out cycle tops and bottoms.”

Lastly, the dealer says that Ethereum (ETH) could also be in a downtrend after failing to carry the important thing $2,400 degree as help.

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“ETH failed to carry above $2,400, in order that’s now resistance. It’s nonetheless my very unpopular opinion that the highest is in for crypto.”

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Supply: Justin Bennett/X

Taking a look at his chart, the dealer means that Ethereum might appropriate to $1,450 by Could.

Ethereum is buying and selling for $2,213 at time of writing, up almost 1% within the final 24 hours.

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