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Crypto analyst Justin Bennett warned that BTC may face a serious sell-off
According to him, bitcoin has gone below the level of diagonal support, which has kept a bullish infusion over the past few months and now the situation resembles the correction of bitcoin in May-June of this year:
“Currently, bitcoin looks almost identical to what we’ve seen a couple of times over the past few months and it’s a move below the bear flag.”
According to Bennett, the last two times when BTC went below the bear flag, its rate fell by more than 30%.
Although the analyst’s mood is bearish, he predicts BTC will have a short-term rally to the $23,000 level, which should be retested as resistance, and then a decline to $19,000 is expected. Bennett believes that bitcoin’s reaction at $19,000 should determine its behavior before the end of the year:
“If you take into account the visible range showing the volumes and the rate, you can see two main clusters: one at current levels of about $ 21,000, and the other – about $ 23,000 or slightly lower.
In the coming weeks, the $19,000 level will be crucial for bitcoin. The question will be whether we will see a rebound and higher lows or get lower lows for the rest of the year.”
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