- The price of Bitcoin lost 13% on Monday, falling below $ 25,000 for the first time since December 2020.
- Crypto analyst Justin Bennett has predicted a significant decline in the price of Bitcoin as the crypto market capitalization grows.
- Bennett argues that Bitcoin is in the midst of a split from the bearish continuation pattern.
- The analyst sets a low target of $ 23,500, a 15% reduction from the current Bitcoin price level.
ANOTHER ISSUE: The most unpredictable Bitcoin price predictions are becoming more fulfilled prophecies as the entire crypto market continues to see the worst losses on Monday after a grueling weekend. The price of BTC has recently dropped below $ 25,000 for the first time since reaching this level back at the December 2020 summit.
like Terra one, and other stablecoin pins under pressure like Tron’s USDD. So, the opening of such a historic conference continues and the big question is where will Bitcoin and the crypto market come from? Well-known crypto twitter analyst and trader @RektCapital has a possible answer: a moving average of 200 weeks.
Bitcoin price continues to bleed as crypto market capitalization declines. Analysts believe Bitcoin and altcoins could witness further pullback in the short term.
Bitcoin price is in the midst of a breakdown
Justin Bennett, a leading crypto market analyst, told over 100,000 Twitter followers that the ecosystem could witness significant pullback, wherein Bitcoin and altcoins lose a massive chunk of their value.
Bennett believes the Bitcoin price is in the midst of a breakdown from a bearish continuation pattern, and $1 trillion is a psychological level for the crypto community. The breakdown occurred today, where over 5% of the crypto market’s capitalization was wiped out, and nearly $950 billion was drained out of the ecosystem.
Bennett argues that $1 trillion is the area that offers a crucial support level for the entire crypto market. He was quoted as saying:
[The] $1 trillion [level] was also the most heavily traded level during the early 2021 consolidation.
Crypto market capitalization in USD
Bennett argues that altcoins will take the brunt of the correction.
Bottom line: another 15% lower from the entire crypto market seems likely before we can start talking about the potential for relief. Remember that BTC will be the closest to that -15% mark. Alts, especially lower caps, will probably outpace it by 1.5-2x.
Bennett has predicted a 15% correction in Bitcoin price, where the asset hits a fresh yearly low of $23,500. Altcoins could lose 22.5% to 30% of their value.
Analysts believe Bitcoin price could witness further correction
@BigCheds, a pseudonymous crypto analyst, evaluated the Bitcoin price chart and identified an inverted hammer. The analyst concluded that the pattern is bearish for Bitcoin price and expects a decline in BTC.