Crypto trader Justin Bennett has warned that the two digital assets are facing further downward pressure as markets take a hit.
Analyst, Bitcoin (BTC) He said that the flagship crypto asset has yet to bottom out. According to Bennett, the S&P 500 stock index has not yet entered the bear territory, but if an economic recession occurs, it will fall further and Bitcoin will also lose value as there is a strong correlation between the two.
“I don’t think the bottom for Bitcoin has happened yet. Even a move towards $16,000 could only provide temporary relief, given that we appear to be in a recession and the S&P is only 19% behind its all-time high.”
Koinfinans.com As we reported, Bitcoin is trading at $ 19,535 at the time of writing.
Another crypto on the analyst’s radar is Solana (SOL). The crypto trader predicts that SOL will drop around 36.8% from its current levels based on technical analysis of its weekly chart.
“Looking at the weekly time frame, a retest of the $20 zone looks likely in the coming weeks. Key resistance for SOL is between $37.40 and $39.25.”
Solana is trading at $33.11 at the time of writing.
The crypto analyst also takes a look at Ethereum (ETH), the second largest digital asset by market cap. According to Bennett, Ethereum could potentially drop more than 20% from current levels if it closes below $1,050.
“The bigger level for ETH is $1,050. A daily close below this will be required to reach lower levels, including $900 and potentially $780.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.