Crypto Analyst Justin Bennett Warns One Factor Could Trigger Massive Bitcoin Plunge – Here’s His Target
A closely followed crypto analyst is identifying one key factor that could cause Bitcoin ( BTC ) to plummet all the way down to $85,000.
In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that the next time prominent stablecoin Tether’s ( USDT ) dominance level (USDT.D) tests the 4.7-5% area, the crypto king will see a significant price decrease.
“BTC is starting to break down. If USDT.D tests 4.7-5%, Bitcoin into $85,000 seems appropriate.”
Source: Justin Bennett/X
According to Bennett, the market won’t hit its bottom until Tether’s dominance levels reach the target area. An asset’s dominance level is the ratio between its market cap versus the market cap of the entire crypto market.
“My plan hasn’t changed. I still think we’ll get Tether dominance into the 4.7-5% area before we see the crypto market bottom. Another 7% to go, give or take.”
Source: Justin Bennett/X
The crypto strategist goes on to say that USDT.D is on the rise and should hit the 4.7-5% area in the coming weeks.
“The weekly chart says it all. Note how USDT.D closed above 4.29% two weeks ago and closed above last week. As long as this is holding on a weekly closing basis, that 4.7-5% area is next.”
Source: Justin Bennett/X
According to the analyst, as of this morning, BTC bulls have just under a day and a half to turn things around.
“Bulls only have 33 hours to turn things around, which seems unlikely given today’s bloodbath from stocks. We’ll see.”
The top crypto asset by market cap is trading for $92,046 at time of writing, a 1.9% decrease during the last 24 hours.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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