Bitcoin Price Drop Imminent, Analyst Sets Downside Targets For Cryptocurrencies

  • Crypto analyst Justin Bennett has predicted a major pullback in Bitcoin price as the crypto’s market capitalization takes a hit.
  • Bennett argues that Bitcoin is in the midst of a breakdown from a bearish continuation pattern.
  • The analyst sets a downside target of $23,500, which is a 15% decline from the current Bitcoin price level.

Bitcoin price continues to bleed as crypto market cap declines. Analysts believe that Bitcoin and altcoins could experience another short-term pullback.

The price of Bitcoin is in full swing

Justin Bennett, a leading crypto market analyst, told over 100,000 Twitter followers that the ecosystem could experience a major pullback, in which Bitcoin and altcoins would lose a significant portion of their value.

Bennett believes Bitcoin price is collapsing from a bearish continuation pattern, and $1 trillion is a psychological level for the crypto community. The outage happened today, where over 5% of the crypto market capitalization was wiped out, nearly $950 billion was drained from the ecosystem.

Bennett argues that $1 trillion is the area that provides a crucial level of support for the entire crypto market. He was quoted as saying:

[The] $1 trillion [level] was also the most traded level during the early 2021 consolidation.

Crypto market capitalization in USD

Bennett argues that altcoins will bear the brunt of the correction.

Bottom line: another 15% drop against the broader crypto market seems likely before we can start talking about the potential for relief. Remember that BTC will be closest to this -15% mark. Alts, especially lower capitals, will likely outrank it by 1.5-2x.

Bennett predicted a 15% correction in Bitcoin price, where the asset will hit a new yearly low of $23,500. Altcoins could lose 22.5% to 30% of their value.

Analysts Believe Bitcoin Price Could Undergo Another Correction

@BigCheds, a pseudonymous crypto analyst, assessed the Bitcoin price chart and identified an inverted hammer. The analyst concluded that the trend is bearish for the price of Bitcoin and expects a decline in BTC.

BTC-USD chart

BTC-USD chart

FXStreet analysts believe Bitcoin price may decline to $12,000 level; for more information, watch this video:


Comments are closed.