Steep corrections loom for Bitcoin and Ethereum after massive stock market tampering: Top Crypto Analyst – Reuters

A closely watched crypto strategist is issuing a stark warning to Bitcoin (BTC) and Ethereum (ETH) holders.

Crypto analyst Justin Bennett tells his 106,800 Twitter followers that the recent sell-off in the stock market suggests imminent downward movement for Bitcoin.

“Today’s stock selloff is more than just a red day. It confirms massive counterfeiting, likely triggering an extended decline. The pre-COVID 3,400 high is a prime target. I say it since May It would be -16% for the S&P 500 or around -30%-40% for BTC if that happens.

Source: Justin Bennett/Twitter

At the time of writing, Bitcoin is trading at $20,049. A 40% devaluation could see BTC trading at the $12,000 price level.

Taking a closer look at Bitcoin, Bennett says BTC is at risk of falling below diagonal support that has supported the top crypto since 2015.

“BTC is testing the 2015 trend line again. Anyone who tells you this looks healthy is either ignorant or a liar. Notice the two long lower wicks of 2015 and 2020. This indicates strong demand. We see the opposite this time .

Source: Justin Bennett/Twitter

As for Ethereum, Bennett points out that ETH is forming a head and shoulders top on the four-hour chart with a downside target of $1,000.

“The right shoulder of this potential ETH the head and shoulders begin to form. Confirmation less than $1,500.

Source: Justin Bennett/Twitter

At the time of writing, Ethereum is trading hands for $1,498, below the pattern’s neckline and Bennett’s confirmation level.

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

Check Price Action

follow us on Twitter, Facebook and Telegram

Surf the Daily Hodl Mix

Check the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured image: Shutterstock/gonin

#Steep #corrections #loom #Bitcoin #Ethereum #massive #stock #market #tampering #Top #Crypto #Analyst #Reuters #Crypto

Related Articles

Back to top button