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Home»Analysis»Analyst Reveals Max Pain Scenario for Crypto, Says Caution Needed on Bitcoin as BTC Trades Below This Level
Analysis

Analyst Reveals Max Pain Scenario for Crypto, Says Caution Needed on Bitcoin as BTC Trades Below This Level

2024-01-18No Comments2 Mins Read
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A closely watched analyst is painting a scenario that would doom crypto traders looking to make quick and easy profits this year.

Trader Justin Bennett tells his 110,800 followers on social media platform X that he keeps a close eye on the TOTAL chart, which tracks the market capitalization of all crypto assets.

Bennett shares a chart showing that TOTAL may be mirroring the price action of 2019, when it respected the 0.618 Fibonacci retracement level before a deep corrective move of around 70%.

According to the trader, it is within the realm of possibility for the entire crypto market to correct and consolidate over the next twelve months before soaring to new all-time highs.

“What if everyone gets the timing of this Bitcoin bull market wrong?

What if the maximum pain for crypto goes sideways over the next 12+ months?

People will say it will never happen again because the last time was Covid, which was a one-off.

That’s right, it was a one-off.

But markets don’t repeat themselves; they rhyme.

Bottom line: If you can’t think of this possibility without getting emotional, you’re over-leveraged!”

Image
Source: Justin Bennett/X

Looking at the trader’s chart, he seems to predict that the total market capitalization of all crypto assets will fall to around $700 billion later this year, before rising to a new all-time high above $4 trillion in 2025.

At the time of writing, TOTAL is trading at $1.653 trillion, which suggests a devaluation of around 57% if it reaches the trader’s downside target.

As for Bitcoin (BTC), Bennett thinks bears have the upper hand as long as the crypto king trades below $44,500.

See also  Controversial crypto lender Celsius escapes Chapter 11 bankruptcy and distributes $3 billion in crypto to creditors

“After testing the channel resistance I shared for weeks (against the dollar), $44,500 is now resistance for BTC.

Bulls need to regain that in the higher time frames to have a shot at $50,000.

But in my opinion, caution is needed if you stay below that level.”

Image
Source: Justin Bennett/X

At the time of writing, Bitcoin is worth $43,029.

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Analyst Bitcoin BTC caution Crypto level Max needed Pain reveals Scenario trades
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