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Cryptocurrency analyst Justin Bennett has warned about a possible downturn in Bitcoin's (CRYPTO: BTC) value.
Last Friday, in a post on X, formerly Twitter, Bennett suggested that Bitcoin may not have reached its market bottom yet. His prediction was based on the Tether dominance chart (CRYPTO: USDT), which he believes is a crucial indicator for forecasting Bitcoin's trajectory.
“The bottom is not in for BTC IMO (in my opinion). Maybe we see a mid $44,000 retest, but even markets like Tether dominance USDT.D are signaling another leg lower. This moves inversely to Bitcoin,” he said.
The bottom is not in for $BTC IMO.
— Justin Bennett (@JustinBennettFX) February 2, 2024
Maybe we see a mid $44k retest, but even markets like Tether dominance $USDT.D are signaling another leg lower.
This moves inversely to #Bitcoin https://t.co/E05Vu2oTVW pic.twitter.com/90ARPDbecp
The USDT chart, which tracks the market cap share of the stablecoin Tether (USDT) in the crypto market, is often seen as a bearish signal for Bitcoin when it rises.
This trend suggests a move away from volatile cryptocurrencies to the more stable USDT. Bennett's interpretation of this trend indicates a potential decline for Bitcoin, which is currently priced at $42,979 at the time of writing.
Also Read: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst
Additionally, Bennett noted similarities between the current SPX trends and Bitcoin's behavior during its 2021 peak, suggesting possible implications for Bitcoin's future movements.
“SPX vs 2021-2022 BTC top. The moment of truth is coming up, and the 5,000 psychological number is less than 1% away. Not calling for a top, just sharing an observation,” Bennett said in the post.
$SPX vs 2021-2022 $BTC top.
— Justin Bennett (@JustinBennettFX) February 2, 2024
The moment of truth is coming up, and the 5k psychological number is less than 1% away.
Not calling for a top, just sharing an observation. pic.twitter.com/HZeOMmtf0M
Earlier in Dec, Bennett suggested that Bitcoin could be heading toward a bearish trend, potentially dropping to the $38,000 mark.
Now Read: Here's Why One Analyst Says The Worst For Bitcoin May Not Be Over
Photo: Shutterstock
