Bitcoin is trading below $20,000 again. All last week’s gains were returned with sales on 30 June. According to Justin Bennett, a popular cryptocurrency analyst, Bitcoin still hasn’t reached the bottom. The analyst says that the two altcoin projects will drop 40% during this time.
Justin Bennett raises red alert for 2 altcoins
Justin Bennett shared a scenario where he saw further declines for the two altcoins as the market bled. In particular, the expert says that the leading cryptocurrency Bitcoin (BTC) has not yet reached the bottom. Bennett also claims that while the S&P 500 stock index has yet to enter a bear market, it will fall further if a recession occurs, which could push Bitcoin further down given its close correlations. In his latest blog post, Bennett deduces the following from the graph he shared:
I don’t believe Bitcoin has reached the bottom yet. Considering that S&P is just 19% below ATH and we are facing a recession, even a surge below $16,000 could only provide some short-term comfort.
Bitcoin is currently trading at $19,300. However, after losing over 3% on June 30, the last 7-day loss is over 8%.
Analyst points to key level on weekly chart for Solana
One of the strongest Ethereum competitors, Solana is the next altcoin on the analyst’s radar. According to Bennet’s technical analysis of SOL’s weekly chart, Solana is likely to fall by about 36.8% from its current values. Sharing the chart below, the analyst identifies the critical levels of SOL on the weekly timeframe:
According to the weekly time frame, a retest of the $20 area is possible in the coming weeks. The price range between $37.40 and $39.25 is the key resistance for the SOL.
Solana is currently trading in the $32.64 region. cryptocoin.comAs we have reported, it has lost more than 20% in value since last week.
Justin Bennett predicts 3-digit prices for the leading altcoin
According to Bennett, if Ethereum price closes below $1,050, it is likely to drop more than 20% from its current levels. The analyst says:
$1,050 is a higher level for ETH. A daily close must be below this to open lower levels such as $900 and maybe $780.
Whales buy massive BTC as market bleeds
According to the data, the third largest Bitcoin whale has bought around 1,416 BTC in the last two days. Yesterday, the whale wallet added 815 BTC worth $21.64 million. Meanwhile, the whale bought another 601 Bitcoin (about $12.6 million) in just one transaction. According to Tokenview, the Bitcoin total value of the wallet has now reached 132,03.54. However, the total hodl value of the wallet is approximately $2.568 billion.
