Bitcoin, Crypto & the Stock Market on the Verge of Collapse, Says, Analyst

Vinod Dsouza
bitcoin btc bubble crash

The stock and the crypto market experienced a bloodbath this month as leading coins plummeted to new lows. Bitcoin slipped below the $20,000 mark ringing warning bells of an upcoming disaster. The crypto market remained in the green last week after Bitcoin managed to claw back above $21,000. The markets are still on the razor’s edge and could fall again in the coming weeks, predicts analyst Justin Bennett.

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Bennett took to Twitter calling the recent crypto breakout a “fakeout” and predicted that it could not “hold much longer”.

“Everything is either breaking support or looks ready to. TOTAL (global market cap) with a small fakeout above $940 billion. Now weighing on channel support. I doubt this holds much longer,” he tweeted while predicting an upcoming crash.

The analyst revealed that while the S&P 500 finished strong on Friday, he warned that the continuation of a downtrend is in sight. Bennett shared a chart showing how the stock market and Bitcoin bounced back from late May to early June, just to erase gains in a matter of a few days.

Also Read: Should you buy Bitcoin at $20,000 or wait for another dip?

“Nice move from the S&P 500 today, but crypto is asleep. Things got ugly the last time this happened. Be careful out there. S&P 500 in blue, BTC in orange,” he tweeted.

Finding the Bitcoin Bottom

bitcoin bubble crash burst
Source: BBC/Getty Images

Apart from Bennett, many other analysts have predicted that Bitcoin is yet to bottom out. Analysts have warned that a $20,000 BTC is not the right time to take an entry position.

Veteran gold and stock market analyst Peter Schiff has predicted that Bitcoin will plummet to $5,000 in the coming months. You can read Peter Schiff’s BTC price prediction here. The others have predicted that BTC could bottom out anywhere between $11,000 to $18,000. Read here to know more about the Bitcoin ‘bottoming out’ price predictions.

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At press time, Bitcoin was trading at $21,450.69 and is down 0.1% in the 24 hours day trade. Also, the leading crypto is down 69% from its all-time high of $69,044, which it reached in November last year.