A closely followed crypto strategist has issued a serious warning to Bitcoin (BTC) holders. In addition, this analyst also announced that he expects a drop in an altcoin project. Another analyst analyzed the price of another popular altcoin. Accordingly, he shared with his followers that he expects a major correction.
“Bitcoin is going to these bottoms”
Crypto analyst Justin Bennett told his 106,800 Twitter followers that the recent sell-off on the exchange suggests a close move to the downside for Bitcoin. As we reported as Kriptokoin.com, there is a correlation between BTC and stock markets. Bennett says recent stock sales are fueling negative sentiment on BTC. The analyst predicts a drop to 3,700 for the S&P 500. He adds that if this happens, there will be a 30-40% drop in the leading cryptocurrency.
At the time of writing, Bitcoin is trading at $20,049. According to Bennett’s 40% bearish thesis, it is possible for the BTC price to see $12,000. Taking a closer look at Bitcoin, the analyst says that BTC is in danger of falling below its cross-support, which has revived its price since 2015:
“BTC is testing the 2015 trendline once again. Anyone who tells you this looks healthy is either ignorant or lying. Note the two long lower wicks in 2015 and 2020. This indicates strong demand. This time we see the opposite.”
“Ethereum will also fall”
As for Ethereum, Bennett says that ETH has a bearish target of $1,000. According to him, the leading altcoin is forming a Head & Shoulders peak on the four-hour chart. “Based on price, ETH is starting to form the right shoulder of the Head & Shoulders model,” Bennett said. “This potentially means confirmation below $1,500.” At the time of writing, Ethereum is trading at $1,498 below the neckline of the pattern and Bennett’s confirmation level.
“Bitcoin may drop to $17,000”
Alongside Bennett, prominent crypto analyst Altcoin Sherpa also talks about Bitcoin and an altcoin. The analyst said that Bitcoin looks heavy after it slumped from $21,800 to below $20,000 on Friday. According to him, the leading cryptocurrency will go to $19,000 as the closest target. He says this could be the next sensible jump ramp. However, he adds that a break below this level is possible before hitting $23,000. Accordingly, the analyst states that a drop to $ 17,000 is among the options.
“Big fix for Chainlink is at hand”
Unlike Bennett, Altcoin Sherpa is waiting for a correction in popular altcoin Chainlink. According to him, if Bitcoin and Ethereum witness another correction, the LINK price will drop by 30%. This means that the Chainlink price will drop to $4.50. Saying that LINK has been stuck in a range for 3 months, Sherpa adds that he is not sure whether this is an accumulation or pre-collapse preparation.
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