A closely followed crypto analyst is turning bearish on Bitcoin, warning that BTC may plummet into the $90,000 range.
In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that Bitcoin is bumping into resistance at the $106,061 level on the four-hour chart and is likely going to have a pullback.
“Hopefully, you’ve avoided getting bullish at resistance. Still looking for $98,600, followed by $91,800, and still short BTC.”
The analyst also warns that Bitcoin’s price action appears to be having a correlation with the performance of the S&P 500 and that the equities may correct after hitting a range high.
“If BTC’s price action has you confused, check the S&P for clues. Sweep one side, then sweep the other, and range until proven otherwise.”
Bennett also shares a chart showing how BTC and the S&P 500 appear to be moving in tandem.
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