Crypto analyst Justin Bennett warns of the drop of bitcoin by 30%

However, the expert also believes that before this the first cryptocurrency may show growth up to $23 000

23.08.2022 - 10:15

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2 min

What’s new? Cryptocurrency analyst Justin Bennett has reported a possible 30% drop in the bitcoin rate. According to the expert, the first cryptocurrency has fallen below its diagonal support, which has kept BTC bullish for the past few months. The analyst believes that these indicators resemble the correction of BTC in May and June this year. That said, according to Bennett, bitcoin could see a short-term rally to $23 000, then the asset’s price should drop to $19 000.

Source: Dailyhodl.com

Justin Bennett’s video

What else did the analyst add? Bennett believes that the $19 000 level will be crucial for bitcoin. It will determine whether the asset will bounce up or show an even higher low before the end of the year.

As of August 23, 09:40 UTC, BTC is trading at $21 318, having gained 1% per day, according to Binance.

Earlier, analysts at Santiment allowed the possibility of a new rise in the crypto market. According to the experts, there are a large number of short trades on exchanges at the moment, as traders fear a collapse. In their view, such a situation could give impetus to a further rise in the price of bitcoin.

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