A broadly adopted crypto analyst is warning that Bitcoin (BTC) might plunge to a lot decrease ranges because it drops to the $63,000 vary.
Crypto dealer Justin Bennett tells his 110,800 followers on the social media platform X that Bitcoin might decline greater than 18% from its present worth.
“Bitcoin is still range-bound, but the recent breakdown of the October 2023 trendline, combined with the February 26th and 27th imbalances, leads me to believe $52,000-$54,000 could be next. A lot of liquidity is sitting below that $56,500 low, and markets seek liquidity. We can’t rule out a run above $72,000 to take out those highs, but lower seems more likely right now, given the BTC chart and what’s happening with the DXY (Dollar Index). As always, it’ll be a level-by-level situation.”
Taking a look at his chart, the analyst means that Bitcoin might decline to the $60,751 degree, bounce to round $63,000 after which collapse to under $54,000.
The analyst additionally says that it seems Bitcoin’s market high is across the $65,000 degree on the month-to-month chart because it has didn’t flip the world into assist after a number of makes an attempt since 2021.
“Anyone bullish on BTC here is bullish at resistance. I’ve said that for months, and nothing has changed. Difficult, if not impossible, to argue otherwise. This has never been about me hating on Bitcoin or crypto. I’ve been a supporter of crypto since I got involved in 2020, but facts are facts. The charts don’t look great, and the stock market is literally the only thing keeping crypto from falling off a cliff.”
Bitcoin is buying and selling for $63,671 at time of writing, down greater than 1% within the final 24 hours.
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