dailyhodl.com
A widely followed crypto analyst is outlining two possible routes Bitcoin ($BTC) could take after bouncing off a major support level.
In a new thread, crypto trader Justin Bennett tells his 115,700 followers on the social media platform X that it’s “crunch time” for the top crypto asset by market cap after recovering from a dip, noting that it could plunge below $100,000 if $BTC bulls don’t step up.
“Recap: $BTC failed at $110,000 and $106,600 in May [and hit] $100,000 on Thursday. We had the Asia session bounce back to $104,000 as anticipated. Now, does Bitcoin fill the $97,000/$98,000 imbalance? Or can bulls reclaim this $104,000-$105,000 area? Crunch time.”
Bennett also said that the flagship digital asset bouncing off $100,000 to hit $104,000 was a bullish scenario that would likely send $BTC above $106,000.
“There you go. Nice bounce from $100,000 support. Looking pretty bullish so far. $104,000-$105,000 is resistance today. A reclaim would be bullish back to $106,600, but it’s resistance until proven otherwise.”
Bennett goes on to note that other factors could influence the price of $BTC, such as how the US stock market is doing and the dominance levels of Tether ($USDT), the largest stablecoin in the world by volume.
“Almost there, fam. Same target and path I shared for crypto on May 21st. I’m not saying Tether dominance at 5% will be the bottom for $BTC, but there should be a strong reaction in that area if tested. Remember that $USDT [dominance] moves inversely to Bitcoin.”
Bitcoin is trading for $105,202 at time of writing, a fractional increase on the day.