Followed crypto analyst Justin Bennett, Bitcoin He makes an important warning about the future of (BTC). Bennett says Bitcoin’s market bottom may not have been reached yet, based on Tether dominance chart (USDT.D) states.
Bennett states in his post: “BTC has not hit the bottom IMO (in my opinion). Maybe we’ll see a retest to mid-$44,000.
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This warning expresses concern that there may be a lower price movement in the Bitcoin market based on Bennett’s Tether dominance chart and similar metrics. However, it is important to be careful with such analysis as the crypto market is quite volatile.
Traders usually follow the USDT.D chart closely. Because this chart crypto- It shows how much of the market consists of stablecoin Tether (USDT). A rise on the USDT.D chart is traditionally interpreted as a bearish sign for Bitcoin and other cryptocurrencies. Because it shows that investors are dumping their crypto assets in favor of stablecoins.
Previously, based on this chart, the analyst said that Bitcoin could retest the $30,000 level with a decline of more than 30% from its current value. The analyst said, “The Tether dominance USDT.D chart also shows this. This is moving in the opposite direction to Bitcoin, and the levels on this chart have been in place since October. It will bring BTC to around $30,000. Let’s see.” He used the following expressions:
According to CoinGekco data, Bitcoin is trading at $43,126 at the time of writing.
Additionally, the analyst also follows the S&P 500 (SPX) closely. SPX may be a few points away from reaching a cycle top, similar to Bitcoin’s market structure when Bitcoin peaked in April 2021, according to the analyst. The analyst said, “SPX vs 2021-2022 BTC peak. The moment of truth is approaching and the psychological number 5,000 is less than 1% away. “I’m not calling for a summit, I’m just sharing an observation.” He made statements as follows.
