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

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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.”

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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.”

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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.

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