Bitcoin Price To Drop At 2018 Bear Market Lows, Claims Analyst, Here Is His Target
Since the release of the US Consumer Price Index (CPI), the world’s first cryptocurrency, Bitcoin started its downward journey and is struggling for a bull run. Meanwhile, a well-known crypto analyst and trader who is mostly known for his timely Bitcoin prediction, is expecting more troubled days for BTC.
The analyst who is known as Justin Bennett, informs his 108,800 fanbase over Twitter that the flagship currency is about to create a huge descending pattern which will pull back Bitcoin’s trading range towards 2018 bear market lows.
The analyst claims that since May, Bitcoin is forming a bearish graph which will see the currency dropping at $5,000 level. He also says that this is one of the worst trading levels for Bitcoin and once the $5,000 area is hit, BTC will reclaim the $12,000 range.
Since late May, $BTC has formed a descending triangle.The objective of this pattern is $5k. Yes, that.This is probably a worst-case scenario for #Bitcoin, and $12k comes before this. But don't rule it out.And just remember, you asked for it. — Justin Bennett (@JustinBennettFX) September 16, 2022
Bitcoin Price To Drop Near $12,000
However, Justin indicates that though he predicts a fall near the $5,000 level, in reality BTC will not see a drop towards that level. Here he refers to the percentage objective and asserts that if the percentage objective is applied against the price objective there will be a price target of $11,000 or close to $12,000.
If you apply a % objective to this instead of a price objective, you get a target of approximately $11k $BTC, which is very close to the $12k support I mentioned above.Either way, I think we get lower prices later this year.— Justin Bennett (@JustinBennettFX) September 16, 2022
Conversely, though Justin Bennett claims bearish momentum for the King currency, he also states that there is a possibility for a bull run this week due to shorting by traders.
As per the expert, there will be more shorting seen above $20,200 which will push BTC price towards more profit
$BTC shorts have aped in again, which means more short liquidations above $20,200.That'll add more fuel on the way up if we see #Bitcoin rally like I think we will. — Justin Bennett (@JustinBennettFX) September 17, 2022
Scam pumps can last longer than most think.Those piling into $BTC shorts at every sign of weakness will learn that the hard way.#Bitcoin— Justin Bennett (@JustinBennettFX) September 17, 2022
At the time of publication, Bitcoin is changing hands at $19,190 after a plunge of 3.38% over the last 24hrsSource