Analyst and trader Justin Bennett is expressing bearish sentiment on Bitcoin (BTC) amid a correction that has seen the flagship crypto asset fall to a five-month low.
Bennett tells his 111,200 followers on the social media platform X that Bitcoin is potentially forming a rising wedge pattern on the four-hour chart.
A rising wedge pattern is typically considered a bearish signal, indicating more downside price action after a bounce.
Based on Bennett’s chart, it appears that the analyst is suggesting that Bitcoin could fall to a low of just above $50,000.
According to Bennett, $57,800 is a critical support level for Bitcoin.
“But to me, $57,800 is the last line of support for Bitcoin bulls before those $53,000/$54,000 lows come into play again, possibly even $50,000.
Hold $57,800 and get back above $58,300, and $60,000 is next. But again, this price action isn’t very convincing so far.”
Bitcoin is trading at $57,855 at time of writing.
Another personality who is similarly bearish on Bitcoin is the pseudonymous analyst Inmortal. According to the pseudonymous analyst, the crypto market is unlikely to see reprieve until after a couple of months have passed.
“The last 120 days have been a shake-out.
They are stealing your coins.
They are preparing for round two of the bull market.
Shake-out is not over, two more months.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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