Saturday, June 22, 2024
HomeEconomySharp corrections imminent for Bitcoin and Ethereum after massive stock market crash:...

Sharp corrections imminent for Bitcoin and Ethereum after massive stock market crash: Best Crypto Analyst


Related stories

Closely Followed Crypto Strategist Issues Dire Warning to Bitcoin (BTC) and Ethereum (ETH) pregnant women.

Cryptocurrency analyst Justin Bennett tells his 106,800 Twitter followers that the recent sell-off in the stock market signals an imminent move towards the downside of Bitcoin.

“Today’s stock sell-off is more than just a single red day. It confirms a massive fakey breakout, likely to trigger an extended move lower. The 3,400 pre-COVID rally is a key target. I’ve said this since May. That would be -16% for the S&P 500 or about -30%-40% for Bitcoin if that happens.”

source: Justin Bennett / Twitter

At the time of writing, Bitcoin is trading at $20,049. A 40% devaluation could lead to BTC trading at the $12,000 price level.

Looking closely at Bitcoin, Bennett says BTC is in danger of collapsing below the country support that has boosted the cryptocurrency’s highest since 2015.

“BTC is once again testing the 2015 trendline. Anyone telling you this looks healthy is either ignorant or lying. Note the two long lower wicks from 2015 and 2020. This indicates strong demand. We are seeing just the opposite this time.”

source: Justin Bennett / Twitter

As for Ethereum, Bennett highlights that ETH is forming a head and shoulders top on the four-hour chart with a bearish target of $1,000.

“The right shoulder of this potential ETH Head and shoulders formation started. Confirmation for less than $1,500.”

source: Justin Bennett / Twitter

At the time of writing, Ethereum is exchanging scorpions for $1,498, below the pattern’s neckline and Bennett’s confirmation level.

Don’t miss a chance – Subscription Get encrypted email alerts delivered straight to your inbox

check price movement

Follow us TwitterAnd the Facebook And the cable

browse Daily Hodel Mix

Check out the latest news headlines

See also  Net neutrality was restored after the Federal Communications Commission (FCC) voted to regulate Internet service providers

& nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/gonin

"Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast."

Latest stories