Top trader warns things are not looking good for crypto, updates Outlook on Bitcoin (BTC)
A widely followed crypto analyst is warning traders to be on the lookout for tough months ahead as markets pull back.
Crypto trader Justin Bennett warns his 112,000 Twitter followers that the total crypto market cap (TOTAL) is on the decline.
“TOTAL”
TOTAL is a market capitalization measure for the entire digital asset space, Bitcoin (BTC) and altcoins included.
Bennett sees too warning sign for the crypto markets in the traditional financial markets. He says the S&P 500’s (SPX) recent drop spells trouble for crypto.
“It’s not looking good for stocks and crypto, barring a significant recovery from the SPX today.”
Delving deeper into the royal crypt, especially, Bennett lays out two possible scenarios for BTC’s future in a new chart.
“The Current State of BTC.”
BTC is worth $28,600 at the time of writing, just above the $28,450 price zone that could trigger a massive dump, as highlighted by Bennett.
Two days ago, Bennett told his followers that he was keep an eye out on how Ethereum (ETH) was traded against BTC (ETH/BTC).
“Eyes on ETH/BTC today.
Waiting to see if this is a bearish divergence.
If so, and we get some short setups, you’ll want to choose ETH over BTC.
No confirmation yet.”
Yesterday, he confirmed to his followers that he expects ETH to fall against BTC, questioning those who might be predicting another alt season.
“Mentioned it yesterday, but I still favor ETH for any shorts being put up.
Which all season?”
ETH is trading at $1,953 at the time of writing, or 0.068 BTC.
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