Markets
Crypto Analyst Justin Bennett Issues Warning on Bitcoin, Says Crypto Market Will Get ‘Hammered’ If This Happens
A Widely Followed Crypto Analyst Issues a Warning About Bitcoin (Bitcoin), saying the cryptocurrency king could see a sharp drop in price if another major market collapses.
In a new strategy session, cryptocurrency trader Justin Bennett tells his 110,800 followers on social media platform X that BTC and cryptocurrencies in general will get hammered if the stock market crashes.
“Crypto bulls better pray the stock market doesn’t roll over because recent relative weakness suggests the crypto market will get hammered if that happens.”
According to Bennett, if Bitcoin’s latest price drop was a trick or a detour, one would have already known.
“BTC is still holding below the October 2023 trend line, and we are now seeing some follow-through.
If this was a fake/deviation, it probably should have occurred on that June 17 candle. Not great, especially considering that S&P, Nasdaq, etc. they have only been up for weeks.
Source: Justin Bennett/X
Bennett continues Note that the declining level of market dominance of the stablecoin Tether (USDT) could also have a significant impact on the digital assets market.
Trader charts indicate that Tether’s dominance is reaching a rising low, which could spell bad news for the cryptocurrency markets.
“I have been warning about this USDT.D (Tether dominance) trend line for months, and it is still very relevant. Lower and higher development? This may change, but as things stand, it’s not a good outlook for the cryptocurrency market.”
Source: Justin Bennett/X Source: Justin Bennett/X
Bitcoin is trading for $65,027 at the time of writing, while Tether’s dominance level is sitting at 4.87.
Don’t miss a beat – subscribe to receive email alerts directly to your inbox
Check Price action
Follow us on X, Facebook AND Telegram
surf Hodl’s daily mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and transactions are at your own risk and that any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/GrandeDuc/Nikelser Kate