Analyst and trader Justin Bennett is sounding a warning about Bitcoin (BTC) amid the leading crypto asset’s correction over the past few days.
Bennett told his 111,500 followers on media platform X that Bitcoin could drop below $60,000 before trending higher.
According to the analyst, Bitcoin needs to turn resistance into support to confirm the uptrend. Traders also need to wait for the trend to be confirmed before entering the market.
Source: Justin Bennett
According to Bennett, the market will fall sharply at the beginning of the month before recovering by the end of October.
In September, Bitcoin hit a low of around $52,500 and a high of around $66,500.
Additionally, Bennett said that USDT dominance (USDT's market capitalization ratio compared to the rest of the space) must decrease before Bitcoin can rally.
“For Bitcoin to reach an ATH, Tether dominance must break its 2018 trendline… This would also be a signal that BTC is ready to head towards a new ATH.”
Source: Justin Bennett
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