A closely followed crypto strategist who continues to build a following with timely Bitcoin calls is unveiling his worst-case scenario for BTC.
Justin Bennett tells his 108,800 Twitter followers that Bitcoin is forming a large bearish pattern that could potentially push BTC close to its 2018 bear market lows.
“Since late May, BTC has formed a descending triangle. The objective of this pattern is $5,000. Yes, that.
This is probably a worst-case scenario for Bitcoin, and $12,000 comes before this. But don’t rule it out.”
Source: Justin Bennett/Twitter Bennett also says that while $5,000 is the pattern’s objective, it doesn’t necessarily mean that BTC will actually drop down to those levels.
“If you apply a percentage objective to this instead of a price objective, you get a target of approximately $11,000 BTC, which is very close to the $12,000 support I mentioned above.
Either way, I think we get lower prices later this year.”
Although Bennett is long-term bearish on Bitcoin, he’s not discounting the possibility of a bounce this week as he says traders are heavily shorting the king crypto.
“BTC shorts have aped in again, which means more short liquidations above $20,200.
That’ll add more fuel on the way up if we see Bitcoin rally like I think we will… Scam pumps can last longer than most think. Those piling into BTC shorts at every sign of weakness will learn that the hard way.”
Source: Justin Bennett/Twitter At time of writing, Bitcoin is trading for $18,788, down 6% on the day.
