Analyst Issues Dire Bitcoin Warning, Says BTC Could Plunge Below 2022 Lows – Here Are His Targets

dailyhodl.com 24 August 2023 11:27, UTC

Analytics

Crypto analyst Justin Bennett is warning that Bitcoin ($BTC) could revisit a level in the lower teens last reached in 2020.

Bennett tells his 111,500 followers on the social media platform X that Bitcoin could plunge by nearly 50% from its current price.

Using a chart showing that the flagship crypto asset has fallen out of the ascending channel that it has stuck to for about a decade, Bennett says that Bitcoin could plunge to slightly below the support level of $14,000 acting as a strong resistance zone between 2018 and 2020.

“I posted this $BTC chart showing macro resistance at $29,000 – $33,000 back in March.

$31,800 was the recent swing high.

Guess what comes next…”

Justin Bennett/X

According to Bennett, a Bitcoin plunge could be set off by the S&P 500 stock index ($SPX) falling by double-digit figures.

“What could trigger it?

The $SPX doing this… [correcting by over a quarter of its value]

Will be interesting to see if August finishes as a bearish engulfing month.”

Earlier this month, Bennett predicted that the S&P 500 stock index would plummet if it failed to go above the 4,610 points reached in July. The 4,610 level is the $SPX’s lower high relative to the 4,820 points recorded in January of 2022.

“A 27% dump from $SPX is more than possible if this confirms as a lower high.

We’ve already seen significant breakdowns from other indices and big names like Apple (NASDAQ: AAPL), so don’t rule it out.

Imagine the carnage in the crypto market if this materializes.”