A widely followed crypto analyst is issuing a warning on Bitcoin (BTC), saying that it could dip further if bulls lose momentum.
In a new thread on the social media platform X, crypto trader Justin Bennett tells 115,500 followers that the flagship digital asset could fall all the way back down to $85,000 if BTC bulls fail to reclaim the $102,000 level.
According to Bennett, Fed Chair Jerome Powell’s recent announcement that the Federal Reserve isn’t allowed to hold BTC not only triggered a crash in the crypto markets, but also the stock market as well.
“Looks like we’re heading lower after BTC failed to hold above $102,000. I know everyone is expecting crypto to move back up tomorrow, and maybe it does, but this isn’t isolated to the crypto market.
Powell’s signaling on Wednesday triggered a stock market rout, with the Nasdaq dropping 3.6% in a single day, the DXY (US Dollar Index) surging 1.2% and breaking the 108.00 key level, and bond yields rallying 3% to fresh seven-month highs. It’s risk-off until proven otherwise.
As for Bitcoin, $102,000 is the level to reclaim. If bulls can’t do it, the bottom of this channel is next, with a break there opening the door to $91,600 and $85,000.”
However, the crypto strategist says that he doesn’t quite believe the BTC bull market will end if BTC fails to hold the support level at $102,000 as the flagship digital asset routinely drops 20-30% during its bull runs.
“The bull market isn’t over [in my opinion]. We know Bitcoin has several 20-30% pullbacks in every bull market, which will be no different this time. The 2024/2025 holiday sale starts in a few weeks. Get ready.”
According to Bennett, if BTC truly wants to break out, it needs to decouple itself away from
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Author: Daily Hodl Staff
