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.

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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.”

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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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