Disturbing Analysis for Bitcoin from an Expert: If This Level is Not Maintained, We Will Drop to 50 Thousand!

Analyst Justin Bennett predicts that if Bitcoin cannot maintain the critical support level of $57,800, the price may drop to $50,000.

According to his post on Twitter, analyst and trader Justin Bennett thinks that the downward trend will continue as Bitcoin (BTC) falls to its lowest level in five months. Bennett stated that Bitcoin could form a rising wedge formation on the four-hour chart.

According to popular belief, a rising wedge formation is generally considered a bearish signal and indicates further downward price movement after a bounce.

Bennett predicts that Bitcoin could drop to just above $50,000. The analyst stated that the $ 57,800 level is a critical support for Bitcoin bulls and included the following sentences:

In my opinion, $57,800 is the last support line for Bitcoin bulls. If we maintain this level and move above $58,300, the next target is $60,000. However, the price action so far is not very convincing.

According to CoinGecko data, Bitcoin is trading at $58,541 at the time of writing, with an increase of 0.9% in the last 24 hours.

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