As a researcher with experience in cryptocurrency analysis, I find Justin Bennett’s warning to Bitcoin investors concerning the potential decline of Bitcoin a valid concern based on current market trends. The correlation between the stock and crypto markets is well-documented, and if the stock market were to take a turn for the worse, it could negatively impact Bitcoin and other cryptocurrencies.
As a researcher studying the cryptocurrency market, I’ve issued a cautionary note to Bitcoin investors regarding potential factors that could lead to further declines in the flagship crypto’s value. Currently, the situation for Bitcoin seems unfavorable, and a bullish reversal may not materialize in the near future.
How Bitcoin Could Get “Hammered”
As a crypto investor, I’ve noticed Bennett’s cautionary take on the recent “relative weakness” of the crypto market in his X (formerly Twitter) post. He believes that a potential downturn in the stock market could lead to a significant sell-off in Bitcoin and other cryptocurrencies. This correlation between the two markets is not new to me, as I’ve seen it play out numerous times. With the S&P, Nasdaq, and other stocks continuing their upward trend for weeks, the crypto market’s struggles seem even more pronounced.
As a researcher, I found the analyst’s observation intriguing. He pointed out that the stock market was essentially propping up Bitcoin and the crypto market, preventing them from experiencing a significant downturn. However, he also noted that Bitcoin’s chart wasn’t looking particularly favorable. I myself have been cautious about Bitcoin’s prospects given its current price level. Anyone who is optimistic about Bitcoin at this stage could be seen as embracing the resistance we’re currently facing.
As a crypto investor, I’m skeptical that Bitcoin will manage to break through its current resistance level for a successful rally in the near future. This recent price decline was quite significant, and if it were just a fakeout or anomaly, we would have seen clear signs of recovery by now.
Despite Bennett’s pessimistic viewpoint, there are valid grounds for thinking that Bitcoin’s recent slump is merely a temporary setback, and the bull market will resume soon. Notably, crypto analyst Rekt Capital had earlier forecasted such price drops, explaining that Bitcoin would pull back significantly enough to convince skeptics that the bull run has ended before resuming its upward trajectory.
Bitcoin Almost Ready For Its Next Leg Up
Crypto analyst Don Alt believes we’re approaching the next significant increase in Bitcoin’s price. He noted that the current 100-day price range for Bitcoin is nearing its end. According to him, this upcoming price surge will set a new trend and persist for an extended period, equivalent to Bitcoin’s historical price ranges. Similarly, crypto analyst MikyBul Crypto expressed his viewpoint that this is the final major sell-off before Bitcoin experiences another cycle peak similar to the one seen in 2016 following the halving event.
As a researcher studying cryptocurrency markets, I’ve come across Rekt Capital’s prediction that Bitcoin’s market top could occur between September and October 2025 based on past halving cycles. They anticipate Bitcoin will surpass $100,000 before reaching its peak during this bull run.
Currently, Bitcoin is priced approximately at $63,800 across markets, representing a 2% decrease within the past 24-hour period based on information provided by CoinMarketCap.
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2024-06-21 17:11