The stock and crypto market experienced a bloodbath this month as leading currencies fell to new lows. Bitcoin slipped below the $ 20,000 mark and sounded warning bells of an impending disaster. The crypto market remained in the green last week after Bitcoin managed to claw back above $ 21,000. The markets are still on the razor and may fall again in the coming weeks, analysts predict Justin Bennett.
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Bennett took to Twitter and called the recent crypto outbreak a “counterfeit” and predict that it could not “Lasts much longer”.
“Everything breaks support or looks ready for it. TOTAL (world market capitalization) with a small counterfeit above $ 940 billion. Now weigh in on channel support. I doubt it will last much longer, ” I tweeted as I predicted an upcoming accident.
The analyst revealed that while the S&P 500 ended strong on Friday, it warned that the continuation of a downward trend was in sight. Bennett shared a chart showing how the stock market and Bitcoin returned from late May to early June, only to wipe out gains within a few days.
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“Nice move from the S&P 500 today, but crypto is sleeping. Things got ugly the last time it happened. Be careful out there. S&P 500 in blue, BTC in orange, ” I tweeted.
Find the Bitcoin Bottom
Aside from Bennett, many other analysts have predicted that Bitcoin does not yet have a bottom point. Analysts have warned that a $ 20,000 BTC is not the right time to take an entry position.
Veteran gold and stock market analyst Peter Schiff predicted that Bitcoin would fall to $ 5,000 in the coming months. You can read Peter Schiff’s BTC price forecast here. The others predicted that BTC could reach anywhere between $ 11,000 and $ 18,000. Read here to learn more about the Bitcoin ‘bottoming out’ price predictions.
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At press time, Bitcoin was trading at $ 21,450.69 and is 0.1% lower in the 24 hour day trading. The leading crypto is also 69% lower from its high of $ 69,044, which it reached in November last year.