Bitrabo Editorial
The crypto analyst Justin Bennett cautions Bitcoin investors about potential factors that could lead to a further decline in the flagship cryptocurrency. He expresses concerns about the current state of Bitcoin and suggests that a bullish reversal may not be on the horizon.
Possible Downfall of Bitcoin
In a recent post on X (formerly Twitter), Bennett highlights the “relative weakness” in the crypto market, particularly Bitcoin, indicating a possible decline if the stock market undergoes a downturn. He draws attention to the correlation between stock and crypto markets, stating that if the stock market falters, the crypto market, including Bitcoin, could face significant challenges.
Notably, Bennett emphasizes that the stock market is instrumental in preventing Bitcoin and the crypto market from experiencing a drastic decline. He analyzes Bitcoin’s chart and expresses a bearish outlook, suggesting that anyone optimistic about Bitcoin’s current price level is essentially betting on resistance.
The analyst believes that a breakout above Bitcoin’s current resistance level is unlikely in the near future. He points out that if the recent price drop were a diversion, it would have been apparent by now. Bennett previously highlighted the dominance of Tether in the market and mentioned the development of a higher low, although he notes that the current situation is not favorable for the crypto market.
Despite Bennett’s pessimistic stance, some analysts anticipate that the recent downward trend in Bitcoin is temporary and that a bullish phase will resume shortly. Analysts like Rekt Capital have warned of price retracements to signal the end of a bull run before Bitcoin resumes an upward trajectory.
Bitcoin Poised for Upward Movement
Crypto analyst Don Alt suggests that Bitcoin is nearing its next significant movement upwards. With over 100 days of sideways movement coming to a close, Alt predicts a breakout that will establish a trend lasting as long as Bitcoin has ranged. Another analyst, MikyBul Crypto, views this as Bitcoin’s final capitulation before it embarks on a notable rally similar to the post-halving period of 2016.
According to Rekt Capital, Bitcoin could reach a market peak around September or October 2025 based on past halving cycles. Analysts predict that Bitcoin could surpass $100,000 before reaching the pinnacle of the current bull market.
As of the latest update, Bitcoin is trading at approximately $63,800, reflecting a decrease of over 2% in the last 24 hours according to CoinMarketCap data.