Crypto Market Pullback Imminent, According to Top Analyst – Here’s His Downside Targets for Bitcoin and Altcoins

A intently tracked market analyst is predicting a big pullback for Bitcoin (BTC) and altcoins, which he says might drive the worth of all crypto property under the $1 trillion stage.

Justin Bennett tells his 101,000 Twitter followers that the TOTAL chart, which tracks the market capitalization of all cryptocurrencies, is within the midst of a breakdown from a bearish continuation sample.

“It doesn’t get a lot cleaner than this. At this time’s breakdown from TOTAL opens up the $1 trillion psychological stage. The precise goal is $950 billion to be precise.”

Supply: Justin Bennett/Twitter

In accordance with the crypto strategist, the $1 trillion worth space provides an important assist stage for your complete digital asset markets.

“[The] $1 trillion [level] was additionally probably the most closely traded stage in the course of the early 2021 consolidation.”

ource: Justin Bennett/Twitter

Ought to the TOTAL chart comply with Bennett’s script, he says altcoins will take the brunt of the correction.

“Backside line: one other 15% decrease from your complete crypto market appears possible earlier than we will begin speaking concerning the potential for reduction. Do not forget that BTC would be the closest to that -15% mark. Alts, particularly decrease caps will most likely outpace it by 1.5-2x.” 

At time of writing, Bitcoin is altering arms for $27,885. A 15% corrective transfer might take Bitcoin to a contemporary yearly low of $23,500. In the meantime, altcoins might lose anyplace between 22.5% to 30% of their worth, in response to Bennett.