Justin Bennett, a popular cryptocurrency analyst, warns that BTC could be on the verge of a deep selling event. According to the analyst, the Bitcoin decline will continue. Here are the details.
Analyst Justin Bennett said in a new strategy session that the Bitcoin price has fallen below its cross support, which has been bullish for the past few months. According to Bennett, the breakout is similar to the Bitcoin corrections experienced in May and June of this year.
“Currently, (this breakout) looks almost identical to the breakouts Bitcoin has made twice in the last few months and is a drop below this bear flag pattern.”
According to the crypto analyst, Bitcoin has lost over 30% in the past two times when it has fallen below the bear flag formation.
While Bennett is not expecting a drop in Bitcoin price, he adds that there could be a short-term rally to $23,000 to retest as resistance before hitting $19,000. According to the strategist, Bitcoin’s reaction at $19,000 will herald how it will perform towards the end of the year.
“If we open the visible range that shows volume by price only, you can see that we have two main clusters here: one around $21,000 at current levels and the other around $23,000 or just below…
$19,000 for Bitcoin will be absolutely critical in the coming weeks. This will determine whether we see a bounce and a higher low there, or a lower low for the rest of the year.”
You can follow the current price action 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.