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.
Also Read: Publicly Listed ‘Crypto Payment’ Firm Fires 40% of its Staff
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
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.
Also Read: Did Celsius Network’s CEO try to flee the country?
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.