Crypto analyst Justin Bennett He warned Bitcoin investors about what could cause the flagship cryptocurrency to fall further. The analyst also said that all is not well looks good for Bitcoin at the moment and suggested that a bullish reversal may not occur in the near future.

How Bitcoin can be “minted”

Bennett mentioned in X (formerly Twitter) post that recent “relative weakness” suggests that the cryptocurrency market, including Bitcoin, will be “hit” if the stock market falls. The analyst made this statement based on the correlation between the stock and its performance cryptocurrency market. He also noted that the situation in the cryptocurrency market was not the best, especially considering that the S&P, Nasdaq and other shares they have been showing an upward trend for weeks.

Interestingly, an analyst he stated that the exchange was “literally” keeping Bitcoin and the cryptocurrency market from “falling off a cliff.” He also analyzed the Bitcoin chart and noticed that it didn’t look good. Bennett stood his ground bear attitude towards Bitcoin when he mentioned that anyone who is bullish on Bitcoin at its current price level is “bullish on resistance.”

The cryptocurrency analyst believes that Bitcoin is unlikely to experience a successful breakout above the current resistance level anytime soon, saying that it would already be obvious if this recent price decline was a imitation or an aberration. Meanwhile, Bennett did previously underlined Tether’s dominance, which he noted was building toward a higher low. He admitted things could change, but said: “It’s not a good look cryptocurrency market In this situation.”

Despite Bennett’s bearish stance, there is ample reason to believe that Bitcoin’s recent downtrend is ephemeral and that The bull run will continue soon sufficiently. Rekt Capital cryptocurrency analyst warned earlier that such price drops would occur, stating that Bitcoin will pull back deep enough to convince everyone that the bull run is over and then resume its uptrend.

Bitcoin almost ready for the next stage of growth

Crypto analyst Don Alt recently suggested that it’s almost time for Bitcoin’s next rally. He he stated that Bitcoin’s 100+ day range will soon end. He predicted that the imminent breakout would be “shaping the trend” and at least be maintained as long as Bitcoin exists. MikyBul Crypto cryptocurrency analyst as well mentioned that this is Bitcoin’s final capitulation before it reaches the peak of the cycle, as it did after the 2016 halving.

Rekt Capital I mentioned earlier that Bitcoin’s market peak could occur sometime in September or October 2025 if the flagship cryptocurrency follows previous halving cycles. Based on these analysts’ predictions, Bitcoin is expected to do so grow above $100,000 before he reaches the top of this bull run.

As of this writing, Bitcoin is trading at around $63,800, down more than 2% in the last 24 hours, according to CoinMarketCap data.

Featured image created with Dall.E, chart from Tradingview.com