Crypto analyst Justin Bennett believes that Bitcoin (BTC) could drop to $85,000 if Tether (USDT) dominance tests the 4.7-5% area. "BTC is reversing and if Tether (USDT) dominance tests the 4.7-5% area, then we could see Bitcoin drop to $85,000," Bennett said, according to Daily Hodl. USDT dominance is a measure of the percentage of the total cryptocurrency market cap that is held in USDT. A higher USDT dominance indicates that more investors are holding USDT, which could be a sign that they are selling other cryptocurrencies, including Bitcoin. Bennett noted that the weekly USDT Dominance candle closed above 4.29% last week, which is a bullish sign for USDT. He added that if this trend continues, Bitcoin could soon push through 4.75%, which would be a bearish sign for the cryptocurrency. "Time is running out for Bitcoin to make its next move higher, especially considering the bearishness in the stock market," Bennett said. The stock market has been in a downturn in recent weeks, which has weighed on the cryptocurrency market. Bitcoin is highly correlated with the stock market, so a decline in the stock market could lead to a decline in the cryptocurrency market as well.

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