Crypto Analyst Justin Bennett Warns of a Sharp Bitcoin (BTC) Decline If the Stock Market Crashes
- PHPzOriginal
- 2024-06-21 09:07:09522browse
In a new strategy session, crypto trader Justin Bennett tells his 110,800 followers on the social media platform X that BTC and crypto in general will get hammered if the stock market crashes.
Cryptocurrency markets have been largely upbeat in recent times, but one analyst is warning that BTC and other digital assets could be in for a world of hurt if a different market takes a downturn.
In a new strategy session, crypto trader Justin Bennett tells his 110,800 followers on the social media platform X that Bitcoin and crypto in general will get hammered if the stock market crashes.
“Stock market crashes. Crypto bulls better pray it doesn’t, because the recent relative weakness suggests the crypto market will get hammered if it does.”
According to Bennett, if Bitcoin’s latest price drop was a feint or a deviation, it would have already been clear.
“BTC still trading below its Oct. 2023 trend line, and now we’re seeing some follow-through.
If this were going to be a fakeout/deviation, it likely should’ve occurred on that June 17th candle. Not great, especially when you consider that the S&P, Nasdaq, etc. have been up only for weeks.”
Bennett goes on to note that the declining market dominance level of stablecoin Tether (USDT) could also have a significant impact on the digital assets market.
The trader’s charts indicate that Tether’s dominance is forming a higher low, which could spell bad news for the crypto markets.
“I’ve warned about this USDT.D (Tether dominance) trend line for months, and it’s still highly relevant. Higher low developing? This could change, but it’s not a good look for the crypto market as things stand.”
Bitcoin is trading for $65,027 at time of writing while Tether’s dominance level is sitting at 4.87.
News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-analyst-justin-bennett-warns-sharp-bitcoin-btc-decline-stock-market-crashes.html
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