Bitcoin Falls to Five-Month Low as Analysts Express Bearish Sentiment

Justin Bennett, an analyst and trader, is sharing his bearish views on Bitcoin as the flagship cryptocurrency experiences a correction that has pushed it to a five-month low. Bennett, who has a following of 111,200 on the social media platform X, suggests that Bitcoin may be forming a rising wedge pattern on the four-hour chart, which is typically considered a bearish signal indicating further downward price movement. According to Bennett’s analysis, Bitcoin could potentially drop to just above $50,000.

Bennett emphasizes that $57,800 is a critical support level for Bitcoin. He believes that if this level is not held, Bitcoin could revisit the $53,000 to $54,000 price range and potentially even reach $50,000. However, if Bitcoin manages to hold above $57,800 and reclaim $58,300, the next target would be $60,000. Bennett acknowledges that the current price action is not very convincing.

At the time of writing, Bitcoin is trading at $57,855.

Another analyst, known as Inmortal, shares a similar bearish sentiment on Bitcoin. According to Inmortal, the crypto market is unlikely to see any relief for the next couple of months. Inmortal believes that the past 120 days have been a shake-out, with market participants taking advantage of the situation to accumulate more coins before the next phase of the bull market begins. Inmortal suggests that the shake-out is not yet over and expects two more months of market turbulence.

It is important to note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when dealing with high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.