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| Pic Source: koinmilyoner |
According to popular crypto trader Justin Bennett, Bitcoin (BTC) may experience a further decline in June before bouncing back. Bennett, with a significant following of 112,600 on Twitter, suggests that BTC might reach $25,000 as its next support level.
While some may consider bidding on BTC for a long-term investment at $25,000, Bennett believes that we may witness even lower prices in the upcoming weeks. In his recent blog post, he expresses a bearish sentiment towards Bitcoin.
Bitcoin is currently testing the crucial horizontal support at $26,560, following a rejection from the mid-March trend line at $27,500. The failure of Bitcoin bulls to close above $27,500 has left Bennett with a bearish outlook in the short term.
To confirm a downward trend, a daily close below $26,560 is necessary, which would open the door to downside targets such as $25,000. This level served as range resistance for Bitcoin between August 2022 and February 2023.
Despite the interest in Bitcoin around the $25,000 range, with investors hoping for a rise to $30,000 or higher, Bennett anticipates a potential market break below $25,000 after a period of consolidation. He sets his target for the next few weeks at around $23,000, based on the measured objective of a triangle formation.
On the other hand, if Bitcoin manages to achieve a daily close above $27,500, Bennett’s bearish bias would be invalidated, and levels like $28,500 could come into play.
