Bitcoin’s price could experience a significant drop, according to renowned crypto strategist Justin Bennett. In a recent post on the social media platform X, Bennett shared his belief that if Bitcoin fails to maintain $61,000 as a support level, the leading cryptocurrency may continue to decline for some time. However, he also stated that if Bitcoin manages to surpass the $65,000 mark on the monthly chart, it would confirm a bullish trend.

Bennett further expressed concerns about Ethereum’s performance against Bitcoin (ETH/BTC), stating that it is likely to decrease after failing to hold a crucial support level. He noted that ETH/BTC has broken its 2017 diagonal on both the weekly and monthly charts, suggesting a potential move towards the 3.8-4% highs.

In addition, Bennett issued a warning about Ethereum’s price pattern, highlighting the possibility of a bearish trend similar to that of July 2023 if the altcoin fails to reclaim the $3,150 level on its weekly chart. He emphasized the importance of Ethereum recovering this level within the week to avoid further complications.

At the time of writing, ETH/BTC is trading at 0.048 BTC ($3,019), showing a slight increase in the past 24 hours. Similarly, Ethereum’s price stands at $3,017, reflecting a 1.5% rise within the same timeframe.

It is crucial to note that the opinions expressed in this article are not investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are executed at the investor’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and it is not an investment advisor.