Crypto analyst Justin Bennett: Bitcoin price development points to further downtrend – here are his targets

Analyst and trader Justin Bennett is bearish on Bitcoin (BTC) amid a correction that has seen the leading crypto asset fall to a five-month low.

Bennett tells his 111,200 followers on social media platform X that Bitcoin may be forming a rising wedge pattern on the four-hour chart.

A rising wedge pattern is typically considered a bearish signal and indicates further downward movement in price after a recovery.

Based on Bennett’s chart, the analyst seems to suggest that Bitcoin could fall to lows just above $50,000.

According to Bennett, $57,800 is a critical support level for Bitcoin.

“But for me, $57,800 is the last support line for Bitcoin bulls before those $53,000/$54,000 lows come back into play, possibly even $50,000.

If $57,800 holds and gets back above $58,300, then $60,000 is next. But this price development is not very convincing so far either.”

At the time of writing, Bitcoin is trading at $57,855.

Another personality who is similarly pessimistic about Bitcoin is the pseudonymous analyst Inmortal. According to the pseudonymous analyst, it is unlikely that the crypto market will recover for a few months.

“The last 120 days have been a restructuring.

They steal your coins.

They are preparing for the second round of the bull market.

The restructuring is not over yet, it will take another two months.”

Don’t miss a thing – Subscribe to receive email alerts straight to your inbox

Check price promotion

follow us on XFacebook and Telegram

Surf the Daily Hodl Mix

Generated image: Midjourney