Crypto Strategist Issues Stark Warning to Traders, Detailing Bitcoin’s End of the Year Outlook

A closely watched crypto strategist who continues to build a following with Bitcoin calls in time reveals the worst-case scenario for BTC.

Justin Bennett tells his 108,800 Twitter followers that Bitcoin is forming a major bearish pattern that could push BTC near its bear market lows of 2018.

“Since late May, BTC has formed a descending triangle. The target for this pattern is $5000. Yes, that is.

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This is probably the worst case scenario for Bitcoin, and comes $12,000 before that. But don’t rule it out. »

Source: Justin Bennett / Twitter

Bennett also says that while $5,000 is the target for the pattern, this does not necessarily mean that BTC will actually fall to those levels.

“If you apply the percentage target to this instead of the target price, you will get a target of around $11,000 BTC, which is very close to the $12,000 support I mentioned above.

Anyway, I think we’ll get lower prices later this year.

Although Bennett has a long-term bearish trend in Bitcoin, he does not rule out the possibility of a recovery this week because He said Traders are selling the crypto king heavily.

BTC short trades have appeared again, which means more short liquidations over $2,0200.

This will add more fuel to the upside if we see Bitcoin rally as I think we… Fraudulent pumps can last longer than most people realize. Those who flock in BTC Shorts at every sign of weakness will learn this the hard way.

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Source: Justin Bennett / Twitter

At the time of writing, Bitcoin was trading at $18,788, down 6% on the day.

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