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 probably 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.
Based mostly on Bennett’s chart, it seems that the analyst is suggesting that Bitcoin might fall to a low of simply above $50,000.
In accordance to Bennett, $57,800 is a essential assist degree for Bitcoin.
“However to me, $57,800 is the final line of assist for Bitcoin bulls earlier than these $53,000/$54,000 lows come into play once more, probably 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.”
Bitcoin is buying and selling at $57,855 at time of writing.
One other persona who’s equally bearish on Bitcoin is the pseudonymous analyst Inmortal. In accordance to 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 getting ready for spherical two of the bull market.
Shake-out isn’t over, two extra months.”
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