According to widely respected crypto expert Justin Bennett, the stock and cryptocurrency markets, particularly Bitcoin price, are approaching another sell-off.
Bennett informs his 101,000 Twitter followers that he will keep a watch on the entire market capitalization of all digital currencies (TOTAL), which he believes is about to burst from its diagonal support.
He quotes that everything has either broken or appears to be breaking support. TOTAL with a modest dodge will exceed $940 billion. Channel support is now being considered, which he suspects will last longer.
Stock & Crypto To See Further Decline
Although the S&P 500 had a solid finish on June 24th, the expert cautions that the decline is about to resume. He displays a graph that shows how well the stock market and Bitcoin have bounced from late May to early June, just to lose their profits in a couple of days.
To prove his explanation, Bennett says that though the move from S&P 500 is interesting, the crypto market seems to be sleeping, which isn’t ideal.
The chart below depicts S&P 500 in blue and Bitcoin in orange.
Though Bennett anticipates additional ride falling towards a new downtrend for crypto in overall, a few in the industry feel the decline is near for Bitcoin.
Bitcoin To See Accumulation Stage
Loma, a pseudonymous investor on Twitter, predicts that Bitcoin will undergo an aggregation stage before turning higher faster than most believe. He quotes that
“Considering that prices have dropped (regional bottom, but I’m not sure about macro). We’ll likely have an accumulation phase which is a little sooner than typical. I’m mostly concerned about acquiring upswing opportunities early in a movement and hoping to Satoshi that I really shouldn’t exist too soon.”
At the time of reporting, Bitcoin is changing hands at $20,751.