dailyhodl.com
Analyst and trader Justin Bennett believes Bitcoin ($BTC) has further room to fall after the crypto king broke down.
Bennett tells his 115,400 followers on the social media platform X that Bitcoin has a “confirmed break” after falling below a support level at around $106,000.
According to Bennett, Bitcoin could fall by up to around 13% from the current level to a price of about $91,790 if $BTC loses support levels that are around $100,730 and then $97,762.
“Those downside targets are in play as long as $106,000 holds as new resistance on the daily time frame.”
The analyst and trader further says that Bitcoin, as well as Ethereum ($ETH), could turn bearish as $USDT dominance, the percentage of $USDT’s market cap relative to the total crypto market cap, rises.
“This is the same Tether dominance outlook as eight days ago, and now we have a confirmed breakout.
There are no guarantees, but you have to respect what’s on the chart, not what you hope will happen.
If it holds, $BTC and $ETH pull back. Keep it simple.”
Turning to Ethereum, Bennett says the second-largest crypto asset by market cap is leaning bearish after breaking below an ascending trendline on the four-hour chart.
“A little speculative right now, but I’d be willing to bet that $ETH breaking this trend line opens up $2,460 and $2,360.
Today’s fakeout above range highs gives Ethereum a bearish tilt. That said, markets could chop around while some of these supports hold.”
Bitcoin is trading at $105,365 at time of writing, while Ethereum is trading at $2,605.