Crypto Analyst Justin Bennett Warns One Factor Could Trigger Massive Bitcoin Plunge – Here’s His Target
A closely followed crypto analyst is identifying one key factor that could cause Bitcoin ( BTC ) to plummet all the way down to $85,000.
In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that the next time prominent stablecoin Tether’s ( USDT ) dominance level (USDT.D) tests the 4.7-5% area, the crypto king will see a significant price decrease.
“BTC is starting to break down. If USDT.D tests 4.7-5%, Bitcoin into $85,000 seems appropriate.”
Source: Justin Bennett/XAccording to Bennett, the market won’t hit its bottom until Tether’s dominance levels reach the target area. An asset’s dominance level is the ratio between its market cap versus the market cap of the entire crypto market.
“My plan hasn’t changed. I still think we’ll get Tether dominance into the 4.7-5% area before we see the crypto market bottom. Another 7% to go, give or take.”
Source: Justin Bennett/XThe crypto strategist goes on to say that USDT.D is on the rise and should hit the 4.7-5% area in the coming weeks.
“The weekly chart says it all. Note how USDT.D closed above 4.29% two weeks ago and closed above last week. As long as this is holding on a weekly closing basis, that 4.7-5% area is next.”
Source: Justin Bennett/XAccording to the analyst, as of this morning, BTC bulls have just under a day and a half to turn things around.
“Bulls only have 33 hours to turn things around, which seems unlikely given today’s bloodbath from stocks. We’ll see.”
The top crypto asset by market cap is trading for $92,046 at time of writing, a 1.9% decrease during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Garan Julia/Aleksandr Kovalev
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analysis Company: Spot ETF Excitement May Occur in a Surprise Altcoin in 2025! – No ETF Application Has Been Made to Date!
Wintermute analysts said that in 2025, a fundamental asset manager will launch a memecoin ETF.
VIPBitget VIP Weekly Research Insights
The U.S. 10-Year Treasury yield has been rising recently, with the U.S. Dollar Index surpassing the 110 mark. The upcoming release of CPI data and the uncertainty surrounding Trump's inauguration next week could further heighten market volatility. Risk aversion is evident in the market, as global risk assets have shown sluggish performance. In this environment of tense market sentiment and impending macroeconomic data releases, we recommend that investors reduce leverage, manage risks carefully, and set aside funds for potential buying opportunities. This edition highlights some of Bitget's token launch promotions and on-chain Earn products based on USDT/USDC, BTC, and SOL, offering investors a wider range of options.
Cardano’s 22% Weekly Surge Locks in the $1 Key Zone
Cardano (ADA) has broken out of a symmetrical triangle with a 22% surge, pushing above the critical $1 resistance. Bullish indicators suggest more upside potential, but a failed retest could send prices lower.
Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high