A crypto strategist who continues to build a following with timely Bitcoin calls warns that BTC could be on the verge of a deep sell event.
In a new strategic session, analyst Justin Bennett says Bitcoin broke below its diagonal support which has kept BTC bullish for the past few months.
According to Bennett, the breakdown is reminiscent of Bitcoin’s May and June correction of this year.
“Right now, it looks almost identical to what we’ve seen Bitcoin do twice in the past few months and this is a break below a bearish flag.”
According to the cryptocurrency analyst, the last two times Bitcoin has broken under a bearish flag, BTC fallen off Over 30%.
Although Bennett is bearish on BTC, he expects a short-term rally to $ 23,000 to test again as resistance before plunging to $ 19,000. According to the strategist, Bitcoin’s reaction to $ 19,000 will likely determine BTC’s performance towards the end of the year.
“If we turn on the visible range, which simply shows volume based on price, you can see that we have two main clusters here: one at current levels just around $ 21,000 and the other up at around $ 23,000 or just below. ..
For Bitcoin, $ 19,000 will be absolutely critical in the coming weeks. This will decide if we will see a rebound and a higher low or if we have a lower low in the rest of the year. ”
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