Here Are the Possible Bearish Targets for Bitcoin After BTC Stops Working To Break Out Above Major Level, According to Crypto Expert
A commonly followed crypto analyst says that Bitcoin (BTC) may draw back after stopping working to hold a key assistance level.In a brand-new thread, crypto trader Justin Bennett informs his 116,000 fans on the social media platform X that BTC may revisit the lower bound …
An extensively followed crypto expert says that Bitcoin (BTC) might pull back after stopping working to hold a key support level. In a new thread, crypto trader Justin Bennett tells his 116,000 fans on the social networks platform X that BTC might review the lower bound of a trading variety at the $100,000 level, after a possible weekend bounce. “Possible scenario for BTC following Thursday’s $106,600 failure. Pull back/consolidate on Friday, weekend rally (because that’s what retail does) into $106,000-$ 107,000, and then review the $100,000 lows. Invalidation on a sustained break (about time frames) above $107,000 … Personally, I wouldn’t be a buyer here, not after losing $106,600. It’s shorts only for me, however only if BTC gives me the chance on a bounce.” Bennett also states that BTC whales leaving long positions in favor of building short positions against retail is causing the flagship crypto asset to weaken. “Whales were shorting into retail strength throughout the day Thursday. It was a fraud BTC pump from the start.” The expert warns that the USDT supremacy chart (USDT.D) may begin flashing bearish for Bitcoin. Numerous traders carefully enjoy the USDT.D chart as it shows how much of the crypto market cap is comprised of the stablecoin USDT. A bullish USDT.D chart is usually considered bearish for Bitcoin and other cryptocurrencies as it indicates traders are dumping their crypto holdings in favor of the stablecoin. “Not prepared to call it just yet, but the USDT.D weekly chart is starting to look primed for another push back to 5%. I’ll await Friday’s two-day close to get a more conclusive answer on this idea, but it looks decent up until now. (Tether dominance moves inversely to BTC and ETH).” Bitcoin is trading for $105,658 at time of composing, down 1.6% in the last 24 hours. Meanwhile, USDT.D is at 4.79% sometimes of writing. Generated Image: Midjourney
An extensively followed crypto expert says that Bitcoin (BTC) may pull back after stopping working to hold a crucial support level. In a brand-new thread, crypto trader Justin Bennett informs his 116,000 fans on the social media platform X that BTC may review the lower bound of a trading range at the $100,000 level, after a possible weekend bounce. Bennett also says that BTC whales leaving long positions in favor of building brief positions versus retail is causing the flagship crypto asset to weaken.
