Analyst Justin Bennett Says Bitcoin’s in a ‘Slow Bleed’ and on the Cusp of Plunging Further – Here Are His Targets
A widely followed crypto strategist believes Bitcoin (BTC) could suddenly plunge much lower.
In a new post, crypto analyst Justin Bennett tells his 111,300 followers on the social media platform X that if Bitcoin fails to hold $61,000 as support the crypto king could remain in a downtrend for a while.
However, he says that if Bitcoin can break through the $65,000 level on the monthly chart, the top digital asset by market cap would confirm a bullish trend.
“BTC looks pretty terrible at the moment. This slow bleed is not ideal for buying. We’ve seen this before, and it usually results in a cascade of long liquidations. Maybe this time is different. We’ll see. $61,000 is a must hold for bulls, $65,000 is monthly resistance.”
Next up, the analyst says that Ethereum (ETH) against Bitcoin (ETH/BTC) is likely heading lower after failing to hold a key support level.
“Speaking of slow bleed, ETH/BTC has broken its 2017 diagonal on the weekly and monthly charts. Most likely a move into those 3.8-4% highs from here.”
ETH/BTC is trading for 0.048 BTC ($3,019) at time of writing, up slightly in the last 24 hours.
Lastly, Bennett warns that Ethereum may follow a similar bearish price pattern as in July 2023 if the top altcoin fails to reclaim the $3,150 level on its weekly chart.
“This slow bleed from ETH doesn’t look great. Ethereum needs to recover $3,150 this week, or things could get dicier than they are. If you think a simple trend line doesn’t matter, check out July 2023.”
Ethereum is trading for $3,017 at time of writing, up 1.5% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Analyst Justin Bennett Says Bitcoin’s in a ‘Slow Bleed’ and on the Cusp of Plunging Further – Here Are His Targets appeared first on The Daily Hodl.
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Analyst Justin Bennett Says Bitcoin’s in a ‘Slow Bleed’ and on the Cusp of Plunging Further – Here Are His Targets
A widely followed crypto strategist believes Bitcoin (BTC) could suddenly plunge much lower.
In a new post, crypto analyst Justin Bennett tells his 111,300 followers on the social media platform X that if Bitcoin fails to hold $61,000 as support the crypto king could remain in a downtrend for a while.
However, he says that if Bitcoin can break through the $65,000 level on the monthly chart, the top digital asset by market cap would confirm a bullish trend.
“BTC looks pretty terrible at the moment. This slow bleed is not ideal for buying. We’ve seen this before, and it usually results in a cascade of long liquidations. Maybe this time is different. We’ll see. $61,000 is a must hold for bulls, $65,000 is monthly resistance.”
Next up, the analyst says that Ethereum (ETH) against Bitcoin (ETH/BTC) is likely heading lower after failing to hold a key support level.
“Speaking of slow bleed, ETH/BTC has broken its 2017 diagonal on the weekly and monthly charts. Most likely a move into those 3.8-4% highs from here.”
ETH/BTC is trading for 0.048 BTC ($3,019) at time of writing, up slightly in the last 24 hours.
Lastly, Bennett warns that Ethereum may follow a similar bearish price pattern as in July 2023 if the top altcoin fails to reclaim the $3,150 level on its weekly chart.
“This slow bleed from ETH doesn’t look great. Ethereum needs to recover $3,150 this week, or things could get dicier than they are. If you think a simple trend line doesn’t matter, check out July 2023.”
Ethereum is trading for $3,017 at time of writing, up 1.5% in the last 24 hours.
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Follow us on X, Facebook and Telegram
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Analyst Justin Bennett Says Bitcoin’s in a ‘Slow Bleed’ and on the Cusp of Plunging Further – Here Are His Targets appeared first on The Daily Hodl.
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