A intently tracked market analyst is predicting a big pullback for Bitcoin (BTC) and altcoins, which he says may drive the worth of all crypto belongings beneath the $1 trillion stage.
Justin Bennett tells his 101,000 Twitter followers that the TOTAL chart, which tracks the market capitalization of all cryptocurrencies, is within the midst of a breakdown from a bearish continuation sample.
“It doesn’t get a lot cleaner than this. Right this moment’s breakdown from TOTAL opens up the $1 trillion psychological stage. The precise goal is $950 billion to be actual.”
In keeping with the crypto strategist, the $1 trillion worth space affords a vital help stage for your entire digital asset markets.
“[The] $1 trillion [level] was additionally probably the most closely traded stage through the early 2021 consolidation.”
Ought to the TOTAL chart comply with Bennett’s script, he says altcoins will take the brunt of the correction.
“Backside line: one other 15% decrease from your entire crypto market appears possible earlier than we are able to begin speaking in regards to the potential for aid. Keep in mind that BTC would be the closest to that -15% mark. Alts, particularly decrease caps will in all probability outpace it by 1.5-2x.”
At time of writing, Bitcoin is altering fingers for $27,885. A 15% corrective transfer may take Bitcoin to a recent yearly low of $23,500. In the meantime, altcoins may lose anyplace between 22.5% to 30% of their worth, in keeping with Bennett.
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