Crypto researcher Justin Bennett warns Bitcoin could continue falling due to market weaknesses. A bullish reversal is unlikely soon. Current price: $63,800.
Crypto researcher Justin Bennett has warned BTC owners about potential reasons why the leading cryptocurrency would continue to fall. The analyst added that the situation for Bitcoin wasn’t looking bright right now and that a bullish reversal might only occur for a while.
How “Hammered” Bitcoin Could Become
Bennett stated in a post on X (previously Twitter) that the current “relative weakness” indicates that if the stock market collapses, the cryptocurrency market—including Bitcoin—will be “hammered.” The expert made this claim based on the relationship between the stock and the cryptocurrency market. He also mentioned that the state of the cryptocurrency market wasn’t good, particularly in light of the weeks-long upward trend in equities on the S&P, Nasdaq, and other markets.
Interestingly, the expert claimed that the stock market prevented Bitcoin and the cryptocurrency market from “falling off a cliff” “literally.” Additionally, he examined the BTC chart and said it could have been better. Bennett has not changed his pessimistic attitude about Bitcoin, saying that anyone optimistic about the cryptocurrency at this point in its price range is also “bullish on resistance.”
The cryptocurrency analyst says it is doubtful that BTC will successfully break above its present resistance level very soon, arguing that if the recent price decline were a fakeout or divergence, it would have been evident by now. In the meantime, Bennett had already emphasized Tether’s supremacy and said it was reaching a higher low. Although he admitted that circumstances can change, he said, “As things stand, it’s not a good look for the crypto market.”
Bennett may be a bear, but there’s good reason to think that Bitcoin’s latest downtrend is transitory and that the bull run will resume soon enough. According to cryptocurrency expert Rekt Capital, such price drops were anticipated, and he predicted that BTC would retrace sufficiently to persuade everyone that the bull run is finished before continuing its upward trend.
Bitcoin Is Nearly Ready For Its Next Rise
Don Alt, a cryptocurrency analyst, recently stated that the next leg up for BTC was almost here. He claimed that the BTC range of more than 100 days will soon end. He projected that the impending breakout would be “trend forming” and would, at the very least, hold for the duration of Bitcoin’s range. Bitcoin expert MikyBul Crypto also stated that this is the last time the price will capitulate before rising to a cycle-top, similar to the 2016 post-halving.
Rekt Capital has stated that if the leading cryptocurrency continues its past halving cycles, the market for BTC will peak in September or October 2025. These analysts anticipate that before Bitcoin hits the apex of the current bull run, it will surge past $100,000.
As of this writing, CoinMarketCap data shows that the price of Bitcoin is currently at $63,800, down more than 2% over the past day.
