Cryptocurrency analyst Justin Bennett has warned that Bitcoin (BTC) could experience a significant decline from $93,935.2. In a post on the X social media platform, Bennett stated that if Tether (USDT) tests the dominance level between 4.7% and 5%, it could lead to a serious decline in Bitcoin prices.
According to Bennett, if Tether’s dominance rate rises to a level between 4.7% and 5%, Bitcoin could fall to $85,000. If this level is broken, a major correction is likely to occur in the cryptocurrency market. According to the analyst, with Tether’s dominance level reaching this range, Bitcoin’s price could experience a serious drop.
Bennett’s Bearish Predictions and Market Dynamics
Bitcoin is currently trading at $92,046, down 1.9% over the past 24 hours. Bennett predicts a significant price pullback in Bitcoin once Tether reaches the range indicated by its dominance level. Once the USDT.D rate reaches that target, Bitcoin could fall to $85,000, he predicts.
Bennett points out that market dynamics will shape future price movements. It is stated that the possible decline in Bitcoin, along with the increase in the USDT.D rate, is of critical importance to investors. Bennett also pointed out that Bitcoin's uptrend is weakening, emphasizing that whales have a limited time to reverse the market.