Crypto analyst Justin Bennett says that the $25,000 mark might be the next stop for Bitcoin (CRYPTO: BTC) and the cryptocurrency might fall further in June before rebounding.
In a tweet on Thursday, Bennett predicted that he would see BTC fall in the coming weeks.
$BTC is still catching a bid at $26,560, but if this level fails, $25k is next.
While many will bid $25k for a macro long, I think we see lower in the coming weeks.
Something like this is my base case but may be tweaked as things unfold.#Bitcoin pic.twitter.com/sQzqEnxEsQ
— Justin Bennett (@JustinBennettFX) May 18, 2023
In a blog post on Daily Price Action that same day, he further explained that Bitcoin is testing the $26,560 key horizontal support after getting rejected from the mid-March trend line at $27,500.
“The $27,500 area was our target on a long following the $26,560 reclaim on May 12th. Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now,” he wrote.
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According to Bennett, a daily close below $26,560 is required to open up downside targets like $25,000.
“That was range resistance for BTC between August 2022 and February 2023,” he wrote.
“Although many will bid Bitcoin in the $25,000 region, looking for $30,000 or higher, I think we see the market eventually break below $25,000 after some consolidation,” Bennett added.
The crypto analyst wrote that his target for BTC over the next few weeks is in the $23,000 region. “Alternatively, a daily close above $27,500 would invalidate my bearish bias and expose levels like $28,500,” he noted.
Meanwhile, another crypto analyst, Bluntz, said that swing failure patterns (SFPS) are forming on the daily chart of BTC and other top crypto assets in a downtrend.
He stated that BTC looks set to rise after overcoming key resistance levels.
“I think we bounce here, but I’ll be keeping a very close eye on the next resistances, which for me are $28,300 and $29,500,” he wrote on Twitter.
At the time of writing, Bitcoin was trading at $26,903. up by one percent in the last seven days.
Now Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024
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