Renowned crypto analyst Justin Bennett has issued a warning to Bitcoin investors, predicting that the leading could experience a significant drop to around $54,000. With Bitcoin currently trading at $63,671, represents a potential decline of over 18% from its current value.

Bennett analysis is based on the recent breakdown of the October 2023 trendline and imbalances on February 26th and 27th. He believes that there is substantial liquidity below the $56,500 low and suggests that markets tend to seek liquidity. While he not rule out the possibility of Bitcoin surpassing previous highs and reaching levels above $72000, he emphasizes that a downward movement seems more likely at present.

Examining his, Bennett proposes that Bitcoin could first drop to approximately $60,751 before experiencing a temporary back up to around $63,000. However, he warns that ultimately it could collapse the crucial support level of $54,000.

Furthermore, Bennett highlights an important observation Bitcoin’s market top on the monthly chart. He asserts that multiple attempts have been made since 2021 to flip this area into support but have all been. Consequently, anyone who remains bullish on BTC now would essentially be optimistic in resistance rather than established support levelsBennett clarifies his stance by stating that his analysis is not driven by personal bias against Bitcoin or cryptocurrency as a whole; rather it is based on factual evidence derived from studying charts. He acknowledges concerns about market conditions and suggests that without from traditional stock markets holding up crypto prices, further declines are possible.

As of now,
Bitcoin’s price stands at $63,
671,
representing
a slight decrease of over
1%
in
the last
24 hours.
Please note: The opinions expressed in this article are not investment advice; investors should conduct their own research before engaging in high-risk investments involving cryptocurrencies or digital assets.