Crypto Strategist Issues Dire Warning to Traders, Details End-of-Year Bitcoin Prediction

A carefully adopted crypto strategist who continues to construct a following with well timed Bitcoin calls is unveiling his worst-case situation for BTC.

Justin Bennett tells his 108,800 Twitter followers that Bitcoin is forming a big bearish sample that would doubtlessly push BTC near its 2018 bear market lows.

“Since late Might, BTC has fashioned a descending triangle. The target of this sample is $5,000. Sure, that.

That is in all probability a worst-case situation for Bitcoin, and $12,000 comes earlier than this. However don’t rule it out.” 

Supply: Justin Bennett/Twitter

Bennett additionally says that whereas $5,000 is the sample’s goal, it doesn’t essentially imply that BTC will truly drop all the way down to these ranges.

“In the event you apply a proportion goal to this as an alternative of a value goal, you get a goal of roughly $11,000 BTC, which could be very near the $12,000 help I discussed above.

Both means, I feel we get decrease costs later this 12 months.”

Though Bennett is long-term bearish on Bitcoin, he’s not discounting the potential of a bounce this week as he says merchants are closely shorting the king crypto.

“BTC shorts have aped in once more, which implies extra brief liquidations above $20,200.

That’ll add extra gas on the best way up if we see Bitcoin rally like I feel we’ll… Rip-off pumps can last more than most assume. These piling into BTC shorts at each signal of weak spot will be taught that the laborious means.”

Supply: Justin Bennett/Twitter

At time of writing, Bitcoin is buying and selling for $18,788, down 6% on the day.

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