Cryptocurrency strategist Justin Bennett has issued an alert to Bitcoin investors regarding potential triggers that could further depress the crypto leader’s price. Bennett points out that the prognosis for Bitcoin is currently grim, and cautions that a swift upturn appears unlikely.
Possible Drivers of a Bitcoin Price Drop
In a recent message on X (previously known as Twitter), Bennett discussed the possibility of Bitcoin’s value sinking if the equity markets dip, basing this forecast on the existing link between stocks and cryptocurrencies. Although equity markets like the S&P and Nasdaq have been rising for some time, Bennett noted that Bitcoin and other cryptocurrencies haven’t followed suit.
Bennett has argued that the stock market is essentially propping up cryptocurrencies to prevent a drastic selloff. Analyzing Bitcoin’s chart, he expressed pessimism, indicating that being hopeful about Bitcoin’s current price levels is akin to being optimistic about impending obstacles.
Bennett expressed skepticism regarding an near-term breakout for Bitcoin, hinting that if a rebound was in the cards, signs would have materialized by now. He also referenced Tether’s growing influence and the unfavorable implications it might hold for cryptocurrencies.
Despite Bennett’s reservations, some speculate that Bitcoin’s downward movement is temporary and expect a resurgence. Analyst Rekt Capital previously anticipated such dips, suggesting that a significant retreat in Bitcoin’s value might wrongly signal the end of the uptrend, before a rally recommences.
Indications of an Imminent Rise in Bitcoin’s Value
Cryptocurrency expert Don Alt hinted that Bitcoin might be on the verge of its next significant upward movement, noting that the cryptocurrency’s trading range of over 100 days is nearing its conclusion. Don Alt believes the forthcoming breakout will set a new trend, lasting at least as long as the prior consolidation period. MikyBul Crypto also shared the view that Bitcoin is poised for a powerful upswing after a final period of capitulation, comparing it to the pattern observed after the 2016 halving.
Rekt Capital has predicted that if Bitcoin follows previous halving cycles, its market peak could occur around September or October 2025, possibly surging past the $100,000 mark before the bull run reaches its climax.
As of the most recent update, Bitcoin is valued at approximately $63,800, experiencing a modest decline of just over 2% in a day, as per CoinMarketCap data.
Image Source: Momentum studio / Shutterstock
