Crypto analyst Justin Bennett has set a bearish narrative for the flagship crypto token Bitcoin. Based on his analysis, Bitcoin is likely to fall back below the $50,000 level before moving further upward.
Bitcoin could fall to $47,000
In an This statement came from his belief that the crypto token will see a price recovery soon. He also reminded his followers how “Bitcoin cuts significant peaks.”
The crypto analyst suggested that $52,000 was a “significant top” and that a Price correction would be imminent. Bennett added that his prediction could be invalidated if BTC sees a sustained break above $53,500. Meanwhile, he also compared Bitcoin and US stocksstating that there was an ongoing correlation between them.
Bennett also disagrees that Bitcoin’s rally could last longer this cycle, especially given the demand the Bitcoin rally brings Discover BTC ETFs To see. He declared his indifference about these funds and mocked how everyone predicted they would send Bitcoin to a potential all-time high (ATH).
From a technical analysis perspective, the crypto analyst was more concerned about BTC’s price action, noting that “the chart will tell the story.”
BTC’s fundamentals are getting stronger
While Bennett predicts Bitcoin will fall soon enough, it’s worth noting that the crypto token’s fundamentals are strengthening, which could also determine its price action. Citing data from Glassnode, crypto analyst Ali Martinez recently revealed that the amount of BTC held in known crypto exchange wallets has fallen to the lowest level in six years.
As highlighted by Martinez, this suggests that the market sentiment around the flagship, crypto is changing, with most investors looking to hold it for the long term.
That is considered a positive development and is bullish for Bitcoin’s price as the amount of BTC that can be acquired is further reduced, creating a form of scarcity.
The crypto analyst had that too recently mentioned how Bitcoin holders are currently in a faith phase, pointing to possible further gains for BTC.
According to CoinMarketCap data, Bitcoin is trading around $51,900 at the time of writing, up more than 2% in the past 24 hours.
Chart from Tradingview
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