Potential Downside Targets for Bitcoin Emerged After Failing to Surpass Critical Resistance Level, as Perceived by Crypto Expert
Crypto Analyst Justin Bennett sparks debate on Bitcoin's (BTC) potential price pullback following a key support level failure at $106,600. Meanwhile, Bitcoin whales are accused of exiting long positions in favor of short positions against retail investors, causing the flagship cryptocurrency to weaken. Traders track USDT dominance chart to gauge Bitcoin's market direction.
Bitcoin Bears Roaring Amongst Crypto Whales
In a recent analysis video shared with his 116,000 followers on the social media platform X, Bennett suggests a potential pullback in BTC after failing to hold the $100,000 level following a weekend bounce. He seems cautious about buying the dip, fearing another drop if the cryptocurrency struggles to break above $107,000 [1].
Bennett further hints that whales have been shorting into retail strength, which is a worrying sign for Bitcoin [2]. However, he remains optimistic about Bitcoin's long-term potential, asserting that it could still hit new record highs [4].
USDT Dominance Chart: A Bearish Sign For Bitcoin?
Many traders closely monitor the USDT dominance chart (USDT.D) to gauge the market direction of Bitcoin and other cryptocurrencies. A bullish USDT.D chart generally indicates a bearish sentiment for Bitcoin, with traders unloading their crypto holdings in favor of the stablecoin.
Bennett warns that the USDT.D chart is starting to show signs of another push back to 5%, potentially indicating a bearish sentiment for Bitcoin in the coming weeks [3]. However, he stresses the need for further confirmation before making a definitive conclusion [2].
With volatility looming in the crypto market, investors are encouraged to always do their due diligence and exercise caution when making investment decisions.
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- As Bitcoin (BTC) struggles to break above $107,000, altcoins might attract more investor attention due to potential undervaluation, offering a possible diversification strategy amid Bitcoin's bearish sentiment.
- With the USDT dominance chart showing signs of another push back to 5%, it raises concerns about Bitcoin's short-term prospects, underscoring the need for cryptocurrency investors to closely monitor market trends and make informed decisions.
