Crypto analyst Justin Bennett warned of possible decline in the rates of three coins
The expert's list included Bitcoin, Solana and Ethereum
01.07.2022 - 16:35
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3 min
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What’s new? Crypto analyst and trader Justin Bennett warned of a possible decline in the value of three assets amid a falling market. He singled out bitcoin (BTC), Solana (SOL) and Ethereum (ETH). The analyst predicted the likely movement of the rates of each of them, based on the price charts.
Analyst on BTC. Bennett believes that the first cryptocurrency has not yet hit bottom. He also predicts a further decline in the S&P 500, noting the strong correlation between the price of BTC and the stock index. According to the analyst, in the event of a recession, the fall of the S&P will be followed by a decline in bitcoin. He added:
“I don’t think the low is in for Bitcoin just yet. Even a move to $16 000 may only provide some temporary relief given that we appear to be entering a recession and the S&P is off its all-time high by just 19%.”
As of July 1 at 15:00 UTC, bitcoin is trading at $19 408, having added 1,45% in 24 hours, according to Binance.
Analyst on SOL. Bennett noted that Solana, a blockchain token with support for smart contracts, is likely to fall about 36,8% from current levels. The trader based his prediction on a technical analysis of the weekly chart of the altcoin price. According to him, the seven-day timeframe shows that a retest of the $20 region could occur in the coming weeks. Key resistance level for SOL is between $37,4 and $39,25.
The altcoin is trading at $32,39, adding 1,82% overnight.
Analyst on ETH. According to Bennett, Ethereum could fall more than 20% from current levels if it closes below $1050. In that case, the price of the asset could drop as low as $900 and possibly $780.
ETH is trading at $1057, adding 3,17% in value.
In late June, Bennett said the stock and digital asset markets were 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.
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