- Cryptocurrency analyst Justin Bennett warns of a potential 50% drop in Bitcoin
- This price drop could be triggered by a significant crash in the S&P 500 index.
- If the S&P 500 fails to rise above its July peak of 4,610, Bennett believes the anticipated crash will occur.
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Justin Bennett, a well-known cryptocurrency analyst, has issued a warning to investors about a potential 50% decrease in Bitcoin’s price. He suggests that this drop could be initiated by a significant crash in the S&P 500 index. If the S&P 500 fails to exceed its July peak of 4,610, Bennett believes the anticipated crash will occur.
Bitcoin Could Experience a 50% Price Drop
Justin Bennett, an experienced cryptocurrency analyst, has predicted that Bitcoin could experience a price drop of approximately 50% from its current levels. Bennett used a chart that shows Bitcoin breaking out of its decade-long rising channel to suggest that Bitcoin could fall just below the $14,000 support level, which acted as a strong resistance zone between 2018 and 2020.
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Bennett issued his warning by stating, “I published this chart showing macro resistance in March when Bitcoin was trading between $29,000 and $33,000. The last recorded peak was $31,800. Guess what’s next.”
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Bennett suggests that a double-digit drop in the S&P 500 stock index could trigger the decline in Bitcoin. He stated, “What could trigger this drop? A loss of more than a quarter of the SPX’s value could trigger this drop. It will be interesting to see whether August ends up being a bearish month.”
S&P 500 Could Trigger the Drop
Bennett had previously predicted that if the S&P 500 stock index fails to rise above its July peak of 4,610, it would fall. The 4,610 level that Bennett points out is below the 4,820 level that the SPX recorded in January 2022, indicating that the index is recording lower peaks.
While explaining his expectation, Bennett stated, “If this is confirmed as a lower peak, a 27% drop in the SPX is possible. Significant drops have already been seen in other indices and in the shares of large companies like Apple. Therefore, you should not ignore this. If this happens, imagine the massacre in the cryptocurrency market.”
While Bennett’s predictions may seem alarming, it’s crucial for investors to consider all potential market scenarios. As always, it’s essential to do your own research and consider multiple sources when making investment decisions. You can follow our news on our Telegram, Instagram, Facebook, Twitter, and Youtube accounts.