Crypto market downturn is imminent, chief analyst says — here are his downside targets for Bitcoin and altcoins

A closely watched market analyst anticipates a significant decline in Bitcoin (BTC) and altcoins, which is expected to push the value of all crypto assets below the $1 trillion mark.

Justin Bennett tells his 101,000 Twitter followers that the TOTAL chart, which tracks the market capitalization of all cryptocurrencies, is breaking out of a bearish continuation pattern.

“It doesn’t get much cleaner than that. Today’s total meltdown unlocks the $1 trillion psychological level. The real target is $950 billion to be exact.


Source: Justin Bennett / Twitter

According to the crypto strategist, the $1 trillion price area provides a crucial level of support for all digital asset markets.

“[The] 1 trillion dollars [level] It was also the most traded level during the consolidation period in early 2021.”

Source: Justin Bennett / Twitter

If the TOTAL chart follows Bennett’s text, it will be He said Altcoins will bear the brunt of the correction.

Bottom line: Another 15% drop is likely in the broader cryptocurrency market before we start talking about the possibility of easing. Remember that BTC It will be closest to this -15% mark. The Alts, especially the lower capitals, will probably outperform them by 1.5-2x.

At the time of writing, Bitcoin is trading at $27,885. A corrective move of 15% could send bitcoin to a new yearly low of $23,500. Meanwhile, altcoins could lose between 22.5% and 30% of their value, according to Bennett.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

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