Summary:
Justin Bennett warns of a potential drop in Bitcoin below $60,000.
Bitcoin needs to turn resistance levels into support for an uptrend.
Bennett predicts Downtober before Uptober in market movements.
The Tether (USDT) dominance must fall for Bitcoin to reach new highs.
Current Bitcoin price is around $61,145.
Justin Bennett Warns of Possible Bitcoin Drop
Analyst and trader Justin Bennett is sounding the alarm on Bitcoin (BTC) as it experiences a single-digit correction in recent days. He shares his insights with over 111,500 followers on X, suggesting that Bitcoin might fall below $60,000 before making a recovery.
Key Resistance and Support Levels
Bennett emphasizes the importance of turning resistance levels into support to confirm an upward trend. He states:
“But a sweep without a reclaim is a potential break with follow-through and probably not something you want to long.”
“No trigger, no trade.”
Market Sentiment: Downtober Before Uptober
In his assessment, Bennett believes that September's price action must be retraced before the next rally. He notes that Bitcoin hit a low of around $52,500 and a high of about $66,500 in September. He adds:
“Downtober before Uptober in my opinion.”
Tether Dominance and Bitcoin's Future
Bennett also points out that the Tether (USDT) dominance level must decline for Bitcoin to reach all-time highs. He asserts:
“For Bitcoin to reach all-time highs, Tether dominance must break its 2018 trend line. There’s no other way.”
Current Bitcoin Price
As of now, Bitcoin is trading at $61,145. Bennett’s predictions and observations provide a crucial insight into the current state of the cryptocurrency market.
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