A widely followed crypto trader says king crypto Bitcoin (BTC) may fall further in June before rebounding.
Crypto analyst Justin Bennett tells his 112,600 Twitter followers that $25,000 might be the next stop for BTC.
“BTC is still catching a bid at $26,560, but if this level fails, $25,000 is next.
While many will bid $25,000 for a macro long, I think we see lower in the coming weeks.
Something like this is my base case but may be tweaked as things unfold.”
Diving deeper into the situation in a new blog post, Bennett says he is bearish on BTC for now.
“Bitcoin is once again testing the $26,560 key horizontal support after getting rejected from the mid-March trend line at $27,500…
The $27,500 area was our target on a long following the $26,560 reclaim on May 12th.
Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now.
That said, a daily close below $26,560 is required to open up downside targets like $25,000.
That was range resistance for BTC between August 2022 and February 2023.
Although many will bid Bitcoin in the $25,000 region, looking for $30,000 or higher, I think we see the market eventually break below $25,000 after some consolidation.
My target over the next few weeks is the $23,000 region, the measured objective of the triangle shown below…
Alternatively, a daily close above $27,500 would invalidate my bearish bias and expose levels like $28,500.”
BTC is worth $26,919 at time of writing, down 0.5% in the last 24 hours.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Anson_shutterstock/vrender