A closely tracked market analyst is predicting a significant pullback for Bitcoin (BTC) and altcoins, which he says could drive the value of all crypto assets below the $ 1 trillion level.
Justin Bennett tells his 101,000 Twitter followers that the TOTAL chart, which tracks the market capitalization of all cryptocurrencies, is in the midst of a breakdown from a bearish continuation pattern.
“It does not get much cleaner than this. Today’s breakdown from TOTAL opens up the $ 1 trillion psychological level. The actual objective is $ 950 billion to be exact. ”
According to the crypto strategist, the $ 1 trillion price area offers a crucial support level for the entire digital asset markets.
“[The] $ 1 trillion [level] was also the most heavily traded level during the early 2021 consolidation. ”
Should the TOTAL chart follow Bennett’s script, he says altcoins will take the brunt of the correction.
Bottom line: another 15% lower from the entire crypto market seems likely before we can start talking about the potential for relief. Remember that BTC will be the closest to that -15% mark. Alts, especially lower caps will probably outpace it by 1.5-2x. ”
At the time of writing, Bitcoin is changing hands for $ 27,885. A 15% corrective move could take Bitcoin to a fresh yearly low of $ 23,500. Meanwhile, altcoins could lose anywhere between 22.5% to 30% of their value, according to Bennett.
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