Crypto analyst and trader who is well-known warns that Bitcoin (BTC), may return soon to $70,000.
Justin Bennett, a crypto-trader, told his 115.900 followers in a recent thread on social media platform X, that Bitcoin could soon close a CME hole by dipping down to $77.360.
CME gaps are the differences between Friday’s closing Bitcoin price and Monday’s opening Bitcoin price at the Chicago Mercantile Exchange. These price gaps tend to be filled, so traders keep an eye out for them.
Bennett seems to refer to the gap that was printed last November.
Bulls are on borrowed time.” The bulls have borrowed some time .”
Bennett says that he doesn’t believe Bitcoin will ever break the resistance of $92,000, even with recent rallying.
There’s a retest on the $92,000 resistance. The bulls were so happy with the results the first time, they wanted to repeat it. The shortfall is $91,000 .”
Bennett does not believe the White House Crypto Summit on Friday, where more information about the US Crypto Strategic Reserve will be expected, is going to lead to an extended Bitcoin rally.
Everyone tells me that the crypto summit on Friday will have some groundbreaking announcements. The man has just placed ADA into a strategic reserve’. Imagine that. You can’t type without laughing.
BTC’s worst-case scenario would be to vomit before the summit on Friday. It’ll likely be another “buy the rumor and sell the event” news story.
Bitcoin was trading at $87.884 as of the time this article is written, down by 3.7% over the past 24 hours.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Justin Bennett, Crypto Analyst Justin Bennett says Bitcoin is primed to go lower – here’s his target may change as new information becomes available.
