Analyst Justin Bennett allows the possibility of the bitcoin rate to fall to $8500
The crypto trader noted that previously the cryptocurrency market has not faced similar current macroeconomic conditions
14.07.2022 - 15:00
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What’s new? Crypto analyst and trader Justin Bennett warned that bitcoin rate may collapse, because the cryptocurrency market is affected by several macroeconomic factors. Among them, the analyst attributed the record inflation in the US for 40 years, tough measures by the Federal Reserve System (Fed) to combat it, the fall in the value of stocks and the global recession. According to him, a bear flag forming on the BTC price chart indicates a possible decline to the ~$8 500 mark.
A bear flag is a pattern in the technical analysis of asset price movements occurring in a downtrend, usually after a sharp fall. The pattern is formed by consolidation of prices in a narrow range, usually, after its overcoming, the rate of the asset continues to fall.
What else does Bennett say? The analyst believes that the construction of the trend line from the high of 2017 to the present also indicates that bitcoin may fall below $10 000. He noted that, unlike previous cycles, the crypto market is in “uncharted territory” because it has never before faced similar macroeconomic conditions. Bennett added:
“We have to remember that this bear market is unlike any other. Because in previous bear markets for Bitcoin and the rest of the crypto market, stocks were in an uptrend. Yes, they had pullbacks along the way but for the most part, they were in an uptrend.”
As of July 14, 14:20 UTC., bitcoin is trading at $19 747, having added 2,3% in 24 hours, according to Binance.
Earlier, Bennett warned of a possible decline in the value of altcoins Dogecoin (DOGE) and VeChain (VET). In his opinion, the tokens will see a correction as the bitcoin price falls below $20 000.
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