Sharp Correction Imminent for Bitcoin and Ethereum After Mass Market Tampering: Top Crypto Analysts
A closely watched crypto strategist is issuing a dire warning to Bitcoin (BTC) and Ethereum (ETH) holders.
Cryptocurrency analyst Justin Bennett told his 106,800 Twitter followers that the recent sell-off in the stock market suggests a bearish move in Bitcoin is imminent.
“Today's stock sell-off is not just a red day. It confirms a big fake, which is likely to trigger a widening move lower. The pre-COVID high of 3,400 is the main target. I've been saying this since May. That would be -16% for S&P; P 500 or about -30% -40% on BTC if that happens. ”
At the time of writing, Bitcoin is trading at $20,049. A 40% price drop could cause BTC to trade at $12,000.
Taking a closer look at Bitcoin, Bennett says BTC is at risk of breaking below the cross-support that has driven the leading cryptocurrency since 2015.
“BTC is once again testing the 2015 trendline. Anyone who tells you this looks healthy is either inadvertently or lying. Notice the two long bottom wicks from 2015 and 2020. That shows strong demand. We're seeing the exact opposite this time around. ”
For Ethereum, Bennett highlighted that ETH is forming a top on the 4-hour chart with a downside target of $1,000.
“The right shoulder of this potential ETH head and shoulder is starting to form. Confirmed under $1,500. ”
At the time of writing, Ethereum is changing hands at $1,498, below the neckline of the pattern and the Bennett confirmation level.
Aug 29, 2022