Bitcoin Analyst Predicts Bearish Trend as Crypto Falls to Five-Month Low

Renowned analyst and trader, Justin Bennett, is sharing his bearish outlook on Bitcoin (BTC) as the flagship cryptocurrency experiences a correction, resulting in a five-month low. Bennett, who has a following of 111,200 on the X social media platform, suggests that Bitcoin is potentially forming a rising wedge pattern on the four-hour chart. This pattern typically indicates a bearish signal, suggesting further downward price movement following a bounce.

Bennett’s chart analysis indicates that Bitcoin could potentially drop to a low just above $50,000. He highlights that $57,800 is a critical support level for Bitcoin, stating that if it fails to hold this level, the price may revisit the previous lows of $53,000 to $54,000, and even potentially reach $50,000. However, if Bitcoin manages to hold above $57,800 and surpass $58,300, the next target would be $60,000. Despite this, Bennett notes that the current price action is not convincing enough.

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

Another analyst, known as Inmortal, shares a similar bearish sentiment towards Bitcoin. According to this pseudonymous analyst, the crypto market is unlikely to experience any relief for the next couple of months. Inmortal believes that the past 120 days have been a shake-out period, where individuals have been taking advantage of the market to acquire coins. They also predict that there will be a second round of the bull market, with the shake-out period lasting for two more months.

It is essential for investors to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at one’s own risk, and any resulting losses are the responsibility of the individual. The Daily Hodl, where this information was sourced, does not offer investment advice or act as an investment advisor.