The leading crypto has started a recovery movement in recent days. However, an experienced analyst says that Bitcoin (BTC) will suffer more. The analyst sees it as possible for BTC to still fall below $10k.
According to the analyst, $ 8,500 for Bitcoin is still on the table
Crypto analyst Justin Bennett shared his new predictions to YouTube subscribers on Tuesday. According to the analyst, the leading cryptocurrency has now formed a bear flag chart pattern. For this, the analyst notes that there is still a risk of Bitcoin falling to $ 8,500. In this context, Bennett makes the following statement:
There is a model currently being installed. You can see where we have a much smaller bear flag model in development. In this case, the target is . Just over $8,000, about $8,500.
“Crypto market faces a harsh macroeconomic environment for the first time”
The analyst says the last bear cycle is different from the previous ones. Therefore, he warns his followers that they should look at it in a different light. There is a risk of recession as inflation remains high and the Fed continues to tighten aggressively. This is why the crypto market is facing a harsh macroeconomic environment for the first time, Bennett says. The analyst explains his views as follows:
Anything you think you know or from previous cycles needs to be thrown significantly out the window. Or it needs to be re-evaluated. Because the current situation is unlike anything we’ve ever seen.
Has Bitcoin bottomed out?
Bennett’s analysis is in many ways similar to that of veteran analyst Peter Brandt in recent months. As we reported on cryptokoin.com, Brandt said that there is a triangular flag pattern on Bitcoin’s daily chart, indicating a downward price continuation with a trend convergence. However, unlike Bennett, Brandt predicts a price of $13,000 should the price break down.
The question of when Bitcoin will bottom out or whether it has bottomed out has become a big question for Bitcoin investors and traders this year. Unfortunately, there are no clear answers for questions like this. Several analysts say that the leading digital asset is near the bottom. Or, they agree that it exhibits characteristics consistent with the final stages of a Bitcoin bear cycle. However, there is no clarity on how long this final phase will last.
What does BTC’s previous price performance show?
Peter Brandt also notes that it is possible for Bitcoin to drop to $12,700. InTheMoneyStocks chief strategist predicts that Bitcoin will recover in 2-3 years and see $10,000. The US Investment Bank Stifel Report highlights 3 macroeconomic factors that could push Bitcoin to $10,000.
Bitcoin continues to hold on to the $20,000 support for now. In addition, crypto markets rally today. Cryptocurrency market cap has increased by 3.68% in the last 24 hours to around $938.19 billion, according to CoinMarketCap data. The leading crypto Bitcoin was trading at $20,866 at press time, up 3.88% in the last 24 hours.
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