Bitcoin price briefly reached above $42,000 on April 21. Then, it broke this structure and rose to $42,988, and the gold of $ 40,000 declined with the news that Fed Chairman Jerome Powell’s interest rate hike by 50 basis points would be considered. Ethereum was among the altcoins that could meet the selling pressure, but a bear market may be imminent, according to one crypto analyst.
Justin Bennett warns Bitcoin and Ethereum investors against bearish moves
Leading crypto analyst Justin Bennett warns his followers that Ethereum (ETH) could fall before it gets stronger. In a series of tweets, the analyst explains to his 100,300 Twitter followers what to expect from market giants Bitcoin (BTC) and ETH in the coming months:
ETH is now bearish, then bull.
As the analyst’s chart shows, a drop to the $2,500-2,700 range is expected before ETH reaches previous ATH levels and more. Next, Bennett says the short-term bearish thesis is supported:
Ascension fairies didn’t save us overnight, so I’m still looking for more downsides. ETH looks set to retest $2,700, perhaps lower.
Ethereum is trading for just under $3k at the time of writing. It has risen slightly in the last 24-hour timeframe, while it has lost 1.83% since last week.
“Watch out for these levels in Bitcoin”
The crypto analyst, who considers Bitcoin forward-looking, warns that BTC may need a reset in the $37,000-38,000 range before continuing to grow:
BTC may not reach $44,500 before reset, but my plan remains the same. As mentioned yesterday, if this rally fails, look for support at $38,800 and just don’t throw a wick at $37,000 to $38,000 just in case.
Bennett then suggests that the future of Bitcoin may ultimately depend on the movements of a non-digital asset: the Nasdaq 100 Index (NDX). Taking a look at the Nasdaq chart below, the analyst says:
Bitcoin aside, the next move for crypto depends on the Nasdaq’s ability to hold above 13,000. If you let it go, the similarity becomes stronger.
As a critical level to protect, Bennet is following the $13,000 region outlined in the chart below.
NDX is trading at $13,507 at the time of writing, just above the price that Bennett suggested Bitcoin should hold for it to rise.
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