A closely followed market analyst predicts a significant pullback for Bitcoin (BTC) and altcoins, claiming that it could push the value of all crypto assets below the $1 trillion mark.
Justin Bennett tells his 101,000 Twitter followers that the TOTAL chart, which tracks the market cap of all cryptocurrencies, may experience a breakout from the bearish trend pattern. told.
“It doesn’t get any clearer than that. TOTAL’s breakout today opens the $1 trillion psychological level. The real target is exactly $950 billion.”
According to the crypto strategist, the $1 trillion price area offers a crucial level of support for all digital asset markets.
“The $1 trillion level was the most heavily traded at the time of consolidation in early 2021.”
If the TOTAL chart follows Bennett’s scenario, it reveals that altcoins will bear the brunt of the correction.
“Downline: 15% lower than the entire crypto market looks likely before we start talking about the potential for relief. Note that BTC will be closest to this -15% mark. Altcoins, especially small ones, will probably outpace it by 1.5-2 times.”
At the time of writing, Bitcoin is trading at $27,885. A 15% corrective move could take Bitcoin to a year low of $23,500. On the other hand, according to Bennett, altcoins can also suffer losses of between 22.5% and 30% of their value.
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.