Crypto strategist issues dire warning to traders, details year-end Bitcoin forecast
A closely followed crypto strategist who continues to build a following with timely Bitcoin talks unveils his worst-case scenario for BTC.
Justin Bennett tells his 108,800 Twitter followers that Bitcoin is forming a major bearish pattern that could potentially push BTC near the 2018 bear market lows.
“Since the end of May, BTC has formed a descending triangle. The target of this pattern is $5000. Yes it is.
This is probably a worst case scenario for Bitcoin and $12,000 will come before this. But don’t rule it out.”
Bennett also says that while $5,000 is the pattern’s target, it doesn’t necessarily mean that BTC will actually fall to those levels.
“If you apply a percentage target to this instead of a price target, you get a target of about $11,000 BTC, which is very close to the $12,000 support I mentioned above.
In any case, I think we will get lower prices later this year.”
Although Bennett is long-term bearish on Bitcoin, he is not discounting the possibility of a bounce this week as he says Traders strongly short the king crypt.
“BTC shorts have monkeyed back in, meaning more short liquidations above $20,200.
That will add more fuel on the way up if we see Bitcoin rally like I think we will… Fraud pumps can last longer than most people think. Those who pile in BTC shorts at every sign of weakness will learn that the hard way.”
At the time of writing, Bitcoin is trading at $18,788, down 6% on the day.
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