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Analyst Warns Traders! Bitcoin (BTC) Price Might Crash 30%-40% If This Happens!

29 Aug, 20222 min readAnalytics
Analyst Warns Traders! Bitcoin (BTC) Price Might Crash 30%-40% If This Happens!

Justin Bennett, a renowned crypto strategist, and trader come forward to warn Bitcoin (BTC) and Ethereum (ETH) traders amid a struggling market.

The analyst informed his 106,800 followers over Twitter that there is currently an increased sell-off witnessed in the stock market, which will also impact the crypto space, especially Bitcoin.

Bitcoin To Track The S&P 500

As per the analyst, the current stock market sell-off is pointing towards a massive downward movement. He predicts the S&P 500 to drop by 16% and a concurrent fall of 30-40% for Bitcoin.

Today's selloff from #stocks is more than just a single red day.It confirms a massive fakeout, likely triggering an extended move lower. The 3,400 pre-COVID high is a prime target. I've said this since May.That'd be -16% for the S&P or about -30-40% for $BTC if it happens. — Justin Bennett (@JustinBennettFX) August 26, 2022

At the time of publication, Bitcoin is selling at $19,832, with a plunge of 1.24% over the last 24hrs.

Justin added that BTC is not in a good place at the moment and soon might fall below the diagonal support maintained since 2015, as it is testing this trend line.

$BTC is once again testing the 2015 trend line. Anyone telling you this looks healthy is either clueless or lying.#Bitcoin — Justin Bennett (@JustinBennettFX) August 26, 2022

Ethereum (ETH) To Plunge?

The analyst took up Ethereum next. According to him, in the 4-hr time frame, there is a head and shoulder pattern formed as a result the price seems to be headed toward a lower price level of $1,000.

The right shoulder of this potential $ETH head and shoulders is starting to form.Confirmation below $1,500.#Ethereum — Justin Bennett (@JustinBennettFX) August 26, 2022

Currently, Ethereum is changing hands at $1,447, after a drop of 3.02% in the last 24hrs.

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