Bitcoin News

Top Analyst Predicts Bitcoin (BTC) Activity Through June, Warns More Consolidation Likely

Top Analyst Predicts Bitcoin (BTC) Activity Through June, Warns More Consolidation Likely

A widely followed crypto trader says king crypto Bitcoin (BTC) may fall further in June before rebounding.

Crypto analyst Justin Bennett tells his 112,600 Twitter followers that $25,000 might be the next stop for BTC.

“BTC is still catching a bid at $26,560, but if this level fails, $25,000 is next.

While many will bid $25,000 for a macro long, I think we see lower in the coming weeks.

Something like this is my base case but may be tweaked as things unfold.”

Source: Justin Bennett/Twitter

Diving deeper into the situation in a new blog post, Bennett says he is bearish on BTC for now.

“Bitcoin is once again testing the $26,560 key horizontal support after getting rejected from the mid-March trend line at $27,500…

The $27,500 area was our target on a long following the $26,560 reclaim on May 12th.

Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now.

That said, a daily close below $26,560 is required to open up downside targets like $25,000.

That was range resistance for BTC between August 2022 and February 2023.

Although many will bid Bitcoin in the $25,000 region, looking for $30,000 or higher, I think we see the market eventually break below $25,000 after some consolidation.

My target over the next few weeks is the $23,000 region, the measured objective of the triangle shown below…

Alternatively, a daily close above $27,500 would invalidate my bearish bias and expose levels like $28,500.”

Source: Justin Bennett/DailyPriceAction

BTC is worth $26,919 at time of writing, down 0.5% in the last 24 hours.

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