Renowned crypto analyst Justin Bennett is cautioning that Bitcoin (BTC) may experience a significant drop, potentially reaching the $63,000 range. With a substantial following of 110,800 users on the social media platform X, Bennett believes that Bitcoin could decline by more than 18% from its current value. He points to the recent breakdown of the October 2023 trendline and the imbalances on February 26th and 27th as indications that the price could fall to the $52,000-$54,000 range. Bennett also notes that there is a significant amount of liquidity below the $56,500 low, suggesting that the market tends to seek liquidity. While a surge above $72,000 to surpass previous highs cannot be ruled out, Bennett believes that a downward trend is more likely given the current BTC chart and the state of the Dollar Index (DXY). He emphasizes that it will be a level-by-level situation.

Referring to his chart, the analyst predicts that Bitcoin could decline to the $60,751 level, experience a bounce to approximately $63,000, and then ultimately collapse to below $54,000. Bennett also observes that Bitcoin has struggled to establish support around the $65,000 level on the monthly chart despite multiple attempts since 2021, indicating that this may be the market top. He cautions that anyone who remains bullish on BTC at this point is essentially bullish at resistance. Bennett clarifies that his analysis is not driven by animosity towards Bitcoin or cryptocurrencies; rather, he simply presents the facts based on the charts, which do not paint a favorable picture. He further suggests that the stock market is currently the only factor preventing crypto from experiencing a significant decline.

At the time of writing, Bitcoin is trading at $63,671, reflecting a decrease of over 1% in the past 24 hours.

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