A closely followed crypto analyst and trader is warning that Bitcoin (BTC) may soon return to the $70,000 range.
In a new thread, crypto trader Justin Bennett tells his 115,900 followers on the social media platform X that Bitcoin may soon fill a CME gap by dipping to the $77,360 level.
A CME gap is the difference between the Friday closing price of Bitcoin and the Monday opening price on the Chicago Mercantile Exchange. Traders watch for gaps as these price differences tend to get filled.
Bennett appears to be referring to a gap printed in November of last year.
“I still think we see a sweep of the $78,260 low, especially after the rejection from the $92,000 monthly resistance. Bulls are on borrowed time.”
Bennett also says he does not believe Bitcoin can break through the $92,000 resistance level any time soon, despite recent rallies.
“There’s the retest of $92,000 resistance. It worked so well the first time the bulls wanted to do it again. Short from $91,000.”
Lastly, Bennett doesn’t believe that Friday’s White House Crypto Summit, when more information on the US Crypto Strategic Reserve is expected, will lead to a sustained Bitcoin rally.
“This is when everyone tells me about Friday’s crypto summit as if there will be some ground-breaking announcements. I mean, the man just put ADA in a ‘strategic’ reserve. Think about that. It’s difficult to type without laughing.
The best-case scenario is BTC pukes going into Friday’s summit. Otherwise, it’ll probably go down as yet another buy the rumor, sell the news event.”
Bitcoin is trading for $87,884 at time of writing, down 3.7% in the last 24 hours.
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Generated Image: Midjourney
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