A widely followed crypto- The analyst warns investors to be prepared for the challenging months ahead as the markets pull back.
Crypto trader Justin Bennett warns his 112,000 Twitter followers that the total crypto market cap (TOTAL) is declining.
“TOTAL”
TOTAL, bitcoin It is a measure of the market cap of the entire digital asset space, including (BTC) and altcoins.
Bennett also sees warning signs for crypto markets in traditional financial markets. He says the recent drop of the S&P 500 (SPX) has created problems for crypto.
“The situation does not look good for stocks and crypto unless there is a significant recovery in SPX today.”
Diving deeper into the leading cryptocurrency in particular, Bennett reveals two possible scenarios for the future of BTC in a new chart.
“The current state of BTC.”
BTC is worth $28,600 at the time of writing, just above the $28,450 price zone that could trigger a major drop, as highlighted by Bennett.
Two days ago, Bennett told his followers that he was watching how Ethereum (ETH) traded against BTC (ETH/BTC).
“Today all eyes are on ETH and BTC.
Waiting to see if this is a bearish divergence.
If so, and we get some short setups, you’ll want to choose ETH over BTC.
No confirmation yet.”
Yesterday, he confirmed to his followers that he expects ETH to drop against BTC, questioning whether they might be predicting a new altseason.
“I mentioned it yesterday but I still prefer ETH for shorts.
As Koinfinans.com reported, ETH is trading at $1,953 or $0.068 at the time of writing.