Analyst and trader Justin Bennett believes Bitcoin (BTC) has further room to fall after the crypto king broke down.
Bennett tells his 115,400 followers on the social media platform X that Bitcoin has a “confirmed break” after falling below a support level at around $106,000.
According to Bennett, Bitcoin could fall by up to around 13% from the current level to a price of about $91,790 if BTC loses support levels that are around $100,730 and then $97,762.
“Those downside targets are in play as long as $106,000 holds as new resistance on the daily time frame.”
The analyst and trader further says that Bitcoin, as well as Ethereum (ETH), could turn bearish as USDT dominance, the percentage of USDT’s market cap relative to the total crypto market cap, rises.
“This is the same Tether dominance outlook as eight days ago, and now we have a confirmed breakout.
There are no guarantees, but you have to respect what’s on the chart, not what you hope will happen.
If it holds, BTC and ETH pull back. Keep it simple.”
Turning to Ethereum, Bennett says the second-largest crypto asset by market cap is leaning bearish after breaking below an ascending trendline on the four-hour chart.
“A little speculative right now, but I’d be willing to bet that ETH breaking this trend line opens up $2,460 and $2,360.
Today’s fakeout above range highs gives Ethereum a bearish tilt. That said, markets could chop around while some of these supports hold.”
Bitcoin is trading at $105,365 at time of writing, while Ethereum is trading at $2,605.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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