Skip to main content

Market Overview

Crypto Analyst Predicts Drastic Drop For Bitcoin: '$10K-$15K BTC Is Still In The Cards'

Share:
Crypto Analyst Predicts Drastic Drop For Bitcoin: '$10K-$15K BTC Is Still In The Cards'

Cryptocurrency analyst, Justin Bennett is bearish on Bitcoin (CRYPTO: BTC) and is warning that the apex cryptocurrency could reach levels $10,000 to $15,000. 

What Happened: Bennett in a post on Jan. 23 said, "$10-$15k $BTC is still in the cards, IMO. Sure, COVID was a black swan, but it’s not like we don’t have a laundry list of systemic issues to choose from this time around. The chart speaks for itself." 


The cryptocurrency analyst in another tweet on Thursday said Tether dominance chart suggests another 20% lower for Bitcoin.

"This moves inversely to Bitcoin, and the levels on this chart have been spot on since October. It would put BTC around $30k."


See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Since the introduction of spot exchange-traded funds (ETFs) in the United States earlier in the month, Bitcoin has seen a decline. Over the past two weeks, subsequent to the ETF launch, BTC has dipped by 14%.

It should be noted that the BTC ETFs are experiencing combined negative flows for the first time since their trade debut on Jan. 11. According to data collected by Bloomberg Intelligence analyst James Seyffart, the 10 spot Bitcoin ETFs, including GBTC, experienced a net outflow of $158 million on Wednesday. 

Price Action: BTC was trading at $40,012, up 0.18% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

 

Related Articles ($BTC)

View Comments and Join the Discussion!

Posted-In: Bitcoin Justin BennettAnalyst Color Cryptocurrency News Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com