Crypto Analyst Predicts Bitcoin Activity Through June and Warns More…

Crypto Analyst Predicts Bitcoin Activity Through June and Warns More…

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Crypto Analyst Justin Bennett says $25,000 could be next stop Bitcoin BTC/USD and the cryptocurrency could fall continued into June before bouncing back.

In a tweet on Thursday, Bennett predicted that BTC will fall in the coming weeks.

In a blog post Speaking to Daily Price Action on the same day, he went on to explain that Bitcoin is testing the key horizontal support of $26,560 after being rejected by the mid-March trendline at $27,500.

“The $27,500 area was our target for a long position after reclaiming $26,560 on May 12th. Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now,” he wrote.

Also read: This is why this analyst says a $10 trillion market cap is possible for Bitcoin

According to Bennett, a daily close below $26,560 is required to open downside targets like $25,000.

“This was the resistance area for BTC between August 2022 and February 2023,” he wrote.

“Although many Bitcoin are bidding in the $25,000 range and targeting $30,000 or more, I believe that after some consolidation, the market will eventually dip below $25,000,” Bennett added.

The crypto analyst wrote that his target for BTC is in the $23,000 range over the next few weeks. “Alternatively, a daily close above $27,500 would nullify my bearish bias and expose levels like $28,500,” he noted.

Meanwhile, another crypto analyst has bluntzsaid that swing failure patterns (SFPS) are forming in a downtrend on the daily chart of BTC and other top crypto assets.

He explained that BTC is expected to rise after clearing key resistance levels.

“I think we are recovering here but I will be keeping a very close eye on the next resistance levels which for me are $28,300 and $29,500,” he continued Twitter.

At the time of writing, Bitcoin was trading at $26,903. up 1 percent in the past seven days.

Now read: Analyst who predicted May 2021 crypto crash now says Bitcoin will rally to this price by 2024

Image: Shutterstock





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