Crypto Analyst Warns Of Possible Bitcoin Downturn: 'The Next Stop Is $38K On A Sustained Break'
Portfolio Pulse from Bibhu Pattnaik
Cryptocurrency analyst Justin Bennett predicts a potential downturn for Bitcoin, suggesting it could drop to $38,000 if it fails to hold above $43,300. He notes a possible lower high forming and pressure on trend line support. Bennett also observes USDT dominance and total market cap resistance, indicating bearish trends. Bitcoin was trading at $42,356.13, down 4% over the past week.
December 16, 2023 | 9:00 pm
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Justin Bennett predicts Bitcoin could fall to $38,000 if it doesn't maintain its position above $43,300, with current trading at $42,356.13 and a 4% decline over the past week.
The analysis by Justin Bennett directly impacts Bitcoin's short-term price outlook. His prediction of a downturn based on technical indicators and market trends is likely to influence investor sentiment and could lead to a decrease in Bitcoin's price, especially if it breaks below the mentioned support levels.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100