bitcoin The crypto strategist, who is famous for accurately predicting the price, continues to come up with his predictions recently.
Justin BennettIn his new predictions on his Twitter account, Bitcoin continues to form a bearish pattern that potentially brings it closer to 2018 bear market lows.
“Since the end of May, the Bitcoin chart has formed a descending triangle. The purpose of this model is at the levels we do not want, such as $ 5,000. This level probably represents the worst case scenario for Bitcoin, but until you reach this level, you should also watch out for $12,000.”
Koinfinans.com As we reported, Bennett also says that although the target of the model is $5,000, this does not necessarily mean that BTC will fall to these levels.
“If you apply a percentage target to this instead of a price target, you’ll get a target of around $11,000, which is very close to the $12,000 support I mentioned above. In both cases, I anticipate that we will drop to lower levels than current prices.”
While Bennett is in a long-term bearish trend in Bitcoin, that doesn’t lessen the likelihood of a bounce this week as traders say it has largely unleashed king crypto.
“Bitcoin shorts have resurfaced, which means more short liquidations above $20,200. If we see Bitcoin rally as I predicted, it will gain more strength on the way. Fraud pumps can last longer than most people think. Those who pile into BTC shorts at every sign of weakness will learn this the hard way.”
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.