A much-followed crypto trader says king crypto Bitcoin (BTC) could fall further in June before recovering.
Crypto analyst Justin Bennett tells are 112,600 Twitter followers that $25,000 could be the next stop for BTC.
“BTC is still getting a bid of $26,560, but if this level fails, $25,000 is next.
While many will bid $25,000 for a macro long, I think we’ll see lower in the coming weeks.
Something like this is my base scenario, but can be modified as things unfold.
In another dive deeper into the situation blog postBennett says he is bearish on BTC for now.
“Bitcoin is once again testing the key horizontal support at $26,560 after being rejected from the mid-March trendline at $27,500…
The $27,500 area was our target long after the May 12 recovery of $26,560.
Bitcoin bulls failed to close BTC above $27,500 this week, leaving me relatively bearish for now.
That said, a daily close of less than $26,560 is required to open downside targets like $25,000.
That was range resistance for BTC between August 2022 and February 2023.
While many will bid Bitcoin in the $25,000 region, looking for $30,000 or higher, I think we will see the market eventually drop below $25,000 after some consolidation.
My target for the next few weeks is the $23,000 region, the measured target of the triangle 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 the time of writing, down 0.5% in the past 24 hours.
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