Bitcoin Analyst Predicts Further Price Decline as Market Correction Continues

The cryptocurrency market is currently experiencing a correction, and analyst and trader Justin Bennett believes that Bitcoin (BTC) could be in for further decline. With over 111,200 followers on the social media platform X, Bennett suggests that Bitcoin is potentially forming a rising wedge pattern on the four-hour chart, which is typically considered a bearish signal.

According to Bennett’s analysis, Bitcoin could fall to a low of just above $50,000. He identifies $57,800 as a critical support level, stating that if this level is not held, Bitcoin could drop to the $53,000/$54,000 range, and possibly even $50,000. However, if the price manages to hold at $57,800 and surpass $58,300, the next resistance level would be at $60,000.

At the time of writing, Bitcoin is trading at $57,855. Another analyst, known as Inmortal, shares a similar bearish sentiment. Inmortal believes that the crypto market will not see any relief until a couple of months have passed. They suggest that the past 120 days have been a shake-out, with market participants preparing for the next phase of the bull market. Inmortal expects the shake-out to continue for two more months.

It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. As always, trading and transfers come with risks, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies and is not an investment advisor.