A Bitcoin crash to $10,000 “still in sight,” warns crypto analyst Justin Bennett – here’s why
Crypto analyst and trader Justin Bennett warns that Bitcoin (BTC) could still suffer a massive market crash this cycle.
Bennett shares to his 110,700 followers on the social media platform
According to the strategist, there is still a chance that Bitcoin repeats a similar price pattern in 2020 when the crypto king crashed at the start of the COVID-19 pandemic.
“In my opinion, $10,000 to $15,000 BTC is still on the horizon. Sure, COVID was a black swan, but it's not like we don't have a long list of systemic problems to choose from this time around. The graphics speak for themselves.”
Source: Justin Bennett/X
Looking at his monthly chart, the trader suggests that Bitcoin could crash to the diagonal support level that Bitcoin touched during the pandemic after encountering resistance at the 0.768 Fibonacci retracement level.
The trader also believes that the performance of the Euro against the US Dollar (EUR/USD) suggests that Bitcoin and the broader crypto market are in a downtrend.
“The fiat currency market is once again flashing warning signs about what could happen next for Bitcoin and the rest of the crypto market.”
He also warns that Bitcoin's upcoming halving in April may not be a catalyst for a rally if adverse macroeconomic conditions prevail.
“Bitcoin is programmed to rise because of the halving, right? Wrong… Halvings are a crucial part of tokenomics that make Bitcoin an incredible long-term hold. But economic data is critical in determining cycle highs and lows.”
Finally, the trader says Ethereum (ETH) may be in a downtrend after failing to hold the key $2,400 level as support.
“ETH couldn’t hold above $2,400, so that’s resistance now.” It’s still my very unpopular opinion that crypto tops out.”
Source: Justin Bennett/X
Looking at his chart, the trader believes that Ethereum could correct to $1,450 by May.
Ethereum is trading at $2,213 at the time of writing, up nearly 1% in the last 24 hours.
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