Crypto analyst Justin Bennett warned of new market decline

According to the trader, there may soon be a strengthening of the downtrend

27.06.2022 - 14:05

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2 min

What’s new? Crypto analyst and trader Justin Bennett believes the stock and digital asset markets are on the verge of another sell-off. After analyzing an hourly timeframe of total crypto market capitalization, the analyst concluded that the index could break the diagonal support level formed within the uptrend channel and fall lower.

Everything is either breaking support or looks ready to.$TOTAL with a small fakeout above $940B. Now weighing on channel support. I doubt this holds much longer. $BTC $ETH pic.twitter.com/sm70XKUnZJ— Justin Bennett (@JustinBennettFX) June 25, 2022

What else does Bennett say? The analyst noted a fake breakout of resistance in the $940 billion range and doubted that market capitalization would be able to hold its current level of support. He shared a chart illustrating how the stock market and bitcoin rebounded in late May and early June and then their value collapsed in a matter of days. Bennett added:

“Nice move from the S&P 500 today, but crypto is asleep. Things got ugly the last time this happened. Be careful out there.”

As of June 27, 13:50 UTC, the total capitalization of the cryptocurrency market is $913,42 billion, down 0,81% in 24 hours (according to TradingView). Bitcoin is trading at $20 779, losing 2,48% in 24 hours (Binance).

The S&P 500 is an index that shows the current state of the US stock market. The S&P 500 basket includes 505 stocks of the 500 largest-cap public companies traded on US stock exchanges.

Last week, the analyst shared a prediction on the price movements of the three altcoins. He expects Ethereum (ETH), Polkadot (DOT) and Chainlink (LINK) to fall. According to the expert, these assets have not finished their correction yet.

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