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A well-known cryptocurrency strategist believes that even if Bitcoin's trading price surpasses $50,000, Bitcoin is still in a precarious position.
Analyst Justin Bennett told his 112,000 followers on the social media platform X that BTC has encountered diagonal resistance within an ascending channel.
Ascending channels are typically seen as bullish patterns because they indicate that the asset is experiencing an upward trend, printing higher highs and lower lows.
As Bitcoin touches the resistance of this pattern, Bennett believes it could correct to a low of $46,000.
"BTC remains vulnerable below the $52,000-$53,800 region.
If I'm wrong, then Bitcoin should clear this area and establish a base above it.
Until then, I'll remain bearish.
No need for any emotions."
Source: Justin Bennett/X
Zooming out, Bennett suggests that Bitcoin has yet to convincingly reclaim diagonal support from the ascending channel on the BTC monthly chart, indicating a correction is likely.
"The fact is, from a broader perspective, nothing has changed. $49,000... $52,000... it's all the same when dealing with high timeframe volatility.
But you can think about these things changing every hour."
Source: Justin Bennett/X
At the time of writing, Bitcoin's trading price is $51,784, lingering below Bennett's pattern's diagonal support.
Looking at the native asset of the decentralized exchange Injective (INJ), Bennett suggests that altcoins seem ripe for a significant pullback to around $20 of diagonal support.
The analyst notes that if INJ falls below $31, the pullback will be confirmed.
"In the past several weeks, I've only seen bearish setups on INJ.
I don't see any reason to be bullish here.
Confirmation below $31.
Invalid above $37.
No need for any emotions. |
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Post time 26-2-2024 20:56:35