Justin Bennett, a well known cryptocurrency analyst, has issued a stark warning to Bitcoin investors. He predicts potential further decline for the leading cryptocurrency. No bull run for you guys.
Bennett's outlook is pessimistic. He doesn't foresee a bullish reversal soon.
Bennett took to X to highlight recent "relative weakness", he suggests Bitcoin could be "hammered" if stock markets decline.
This assessment is based on the correlation between stocks and cryptocurrencies. Bennett notes the crypto market's underperformance despite weeks of stock market gains.
"The stock market is literally keeping Bitcoin and the crypto market from falling off a cliff," Bennett stated. He views Bitcoin's chart negatively.
Bennett maintains a bearish stance on Bitcoin. He argues that being bullish at current price levels is equivalent to being "bullish on resistance."
The analyst doubts a successful breakout above current resistance levels. He believes a fakeout would have been evident by now if this price drop were temporary.
Bennett also highlighted Tether's dominance. He thinks that leading stablecoin is forming a higher low. "It's not a good look for the crypto market as things stand," Bennett says.
But his ideas aren't shared by many leading analysts. Some guys remain optimistic about Bitcoin's future.
Just look at Rekt Capital. The company previously predicted that declines could happen. But they should be viewed as temporary setbacks before the bull run resumes.
Don Alt, another crypto analyst, suggests Bitcoin's next upward move is imminent. He predicts a "trend forming" breakout after over 100 days of range-bound trading.