A widely followed crypto strategist believes Bitcoin (BTC) could suddenly plunge much lower.
In a new post, crypto analyst Justin Bennett tells his 111,300 followers on the social media platform X that if Bitcoin fails to hold $61,000 as support the crypto king could remain in a downtrend for a while.
However, he says that if Bitcoin can break through the $65,000 level on the monthly chart, the top digital asset by market cap would confirm a bullish trend.
“BTC looks pretty terrible at the moment. This slow bleed is not ideal for buying. We’ve seen this before, and it usually results in a cascade of long liquidations. Maybe this time is different. We’ll see. $61,000 is a must hold for bulls, $65,000 is monthly resistance.”
Next up, the analyst says that Ethereum (ETH) against Bitcoin (ETH/BTC) is likely heading lower after failing to hold a key support level.
“Speaking of slow bleed, ETH/BTC has broken its 2017 diagonal on the weekly and monthly charts. Most likely a move into those 3.8-4% highs from here.”
ETH/BTC is trading for 0.048 BTC ($3,019) at time of writing, up slightly in the last 24 hours.
Lastly, Bennett warns that Ethereum may follow a similar bearish price pattern as in July 2023 if the top altcoin fails to reclaim the $3,150 level on its weekly chart.
“This slow bleed from ETH doesn’t look great. Ethereum needs to recover $3,150 this week, or things could get dicier than they are. If you think a simple trend line doesn’t matter, check out July 2023.”
Ethereum is trading for $3,017 at time of writing, up 1.5% in the last 24 hours.
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