Analyst and dealer Justin Bennett is expressing bearish sentiment on Bitcoin (BTC) amid a correction that has seen the flagship crypto asset fall to a five-month low.
Bennett tells his 111,200 followers on the social media platform X that Bitcoin is doubtlessly forming a rising wedge sample on the four-hour chart.
A rising wedge sample is usually thought of a bearish sign, indicating extra draw back value motion after a bounce.
Primarily based on Bennett’s chart, it seems that the analyst is suggesting that Bitcoin might fall to a low of simply above $50,000.
Supply: Justin Bennett/X
Based on Bennett, $57,800 is a crucial help degree for Bitcoin.
“However to me, $57,800 is the final line of help for Bitcoin bulls earlier than these $53,000/$54,000 lows come into play once more, presumably even $50,000.
Maintain $57,800 and get again above $58,300, and $60,000 is subsequent. However once more, this value motion isn’t very convincing to this point.”
Supply: Justin Bennett/X
Bitcoin is buying and selling at $57,855 at time of writing.
One other character who’s equally bearish on Bitcoin is the pseudonymous analyst Inmortal. Based on the pseudonymous analyst, the crypto market is unlikely to see reprieve till after a few months have handed.
“The final 120 days have been a shake-out.
They’re stealing your cash.
They’re making ready for spherical two of the bull market.
Shake-out will not be over, two extra months.”
Generated Picture: Midjourney