Crypto analyst Justin Bennett has cautioned Bitcoin investors about potential factors that could lead to a further decline in the flagship cryptocurrency. Despite the recent warning, Bennett also highlighted that the current outlook for Bitcoin is not favorable and suggested that a bullish reversal may not be on the horizon anytime soon.
In a post on X (formerly Twitter), Bennett pointed out that the recent “relative weakness” in the crypto market, including Bitcoin, could result in a significant downturn if the stock market experiences a decline. He emphasized the correlation between the stock market and the crypto market, noting that the S&P, Nasdaq, and other stocks have been on an upward trend for weeks, which could impact Bitcoin negatively.
The analyst expressed concern that the stock market was essentially preventing Bitcoin and the crypto market from experiencing a more severe decline. He also analyzed Bitcoin’s chart and expressed pessimism about its current state. Bennett maintained his bearish stance on Bitcoin, suggesting that anyone bullish on Bitcoin at its current price level is essentially bullish on resistance.
Despite Bennett’s cautious outlook, some experts believe that Bitcoin’s recent downward trend is temporary and that a bullish trend will resume shortly. Crypto analyst Rekt Capital previously warned of price declines, stating that Bitcoin would likely retrace significantly before continuing its upward trajectory.
Another crypto analyst, Don Alt, suggested that Bitcoin was nearing the next phase of its upward movement. Alt predicted that the ongoing consolidation phase for Bitcoin would soon come to an end, leading to a trend-forming breakout that could potentially signal a significant rally. Similarly, analyst MikyBul Crypto mentioned that Bitcoin’s current phase could be its final capitulation before a rally to new highs similar to the post-halving cycle in 2016.
Rekt Capital also speculated that Bitcoin’s market peak could occur in September or October 2025, following previous halving cycles. Based on these projections, Bitcoin is expected to surpass $100,000 before reaching the peak of the current bull run.
As of the latest data, Bitcoin is trading around $63,800, experiencing a slight decline of over 2% in the past 24 hours, according to CoinMarketCap. Despite the current price dip, analysts remain optimistic about Bitcoin’s long-term prospects and anticipate a resurgence in the bullish trend.
In conclusion, while there are concerns about potential downward pressure on Bitcoin in the short term, many experts believe that the cryptocurrency’s overall trajectory remains positive, with expectations of significant price increases in the coming months. Investors should closely monitor market developments and expert analysis to make informed decisions about their Bitcoin holdings.