A closely followed cryptocurrency analyst has issued a warning to Bitcoin (BTC) investors. According to the analyst, the leading cryptocurrency is struggling to break through key resistance levels. Here are the details!
Analyst Justin Bennett said that with the Bitcoin correction last week, BTC’s previous diagonal support turned into resistance. told.
“The BTC trendline I wrote on Friday stands as resistance. The real fun starts under $26,500/600.”
According to Bennett’s chart, the diagonal (diagonal) resistance appears to be near $28,000. At press time, Bitcoin is trading at $27,174.
Besides, Bennett claims that a break of the $26,500 support could trigger a sell-off event that brought BTC down to $25,200 and then to $24,100.
Looking at the higher time frame, the analyst says that Bitcoin remains below the critical resistance level of $28,980 on the 12-month chart.
“If BTC loses $26,500 on higher timeframes, that will be the most obvious short entry that many members of the crypto community on Twitter missed because they were promised that the Bitcoin price would reach $1 million in 90 days.”
In this prediction, the analyst refers to the astonishing prediction of the famous investor Balaji Srinivasan that Bitcoin (BTC) will reach $ 1 million in 3 months.
The crypto strategist also closely monitors the TOTAL chart, which monitors the market value of all digital assets except Bitcoin. According to Bennett, TOTAL has weakened after touching $1.08 trillion support several times over the past few days.
“TOTAL is at the bottom of the range. Everything seems weak right now.”
The TOTAL chart stands at $1.13 trillion at the time of this writing.
You can follow the current price action here.