A widely followed crypto trader says king crypto Bitcoin (BTC) may fall further in June before rebounding.
Crypto analyst Justin Bennett tells his 112,600 Twitter followers that $25,000 might be the next stop for BTC.
“BTC is still catching a bid at $26,560, but if this level fails, $25,000 is next.
While many will bid $25,000 for a macro long, I think we see lower in the coming weeks.
Something like this is my base case but may be tweaked as things unfold.”
Diving deeper into the situation in a new blog post, Bennett says he is bearish on BTC for now.
“Bitcoin is once again testing the $26,560 key horizontal support after getting rejected from the mid-March trend line at $27,500…
The $27,500 area was our target on a long following the $26,560 reclaim on May 12th.
Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now.
That said, a daily close below $26,560 is required to open up downside targets like $25,000.
That was range resistance for BTC between August 2022 and February 2023.
Although many will bid Bitcoin in the $25,000 region, looking for $30,000 or higher, I think we see the market eventually break below $25,000 after some consolidation.
My target over the next few weeks is the $23,000 region, the measured objective of the triangle shown below…
Alternatively, a daily close above $27,500 would invalidate my bearish bias and expose levels like $28,500.”
BTC is worth $26,919 at time of writing, down 0.5% in the last 24 hours.