Crypto expert Justin Bennett cautions that two virtual currencies are under tremendous stress as markets continue to fall.
Beginning with Bitcoin (BTC), expert believes that the mainstream cryptocurrency will continue to decline.
As per Bennett, the S&P 500 stock market index has still not reached the bearish market but may drop even more if a global downturn occurs, ultimately dragging Bitcoin lower since these two are highly connected.
Bennett claims that he doesn’t believe Bitcoin has reached the bottom. However, a drop to $16,000 could only bring momentary comfort because the depression is approaching, and the S&P is only 19% off its ATH record.
At the moment, Bitcoin is valued at $19,198 with a rise of 0.66% over the last 24hrs.
Solana (SOL), the smart contract network, comes next on the analyst’s list. According to the crypto trader, SOL is predicted to decline by 36.8% from its present rate, based on the technical assessment of its weekly chart.
Justin Bennett predicts that based on the weekly timescale, a rebound of the $20 level appears highly possible in the following weeks. He even provides a key resistance for Solana and says the currency will fall between $37.40 and $39.25
Currently, Solana is trading at $32.28
Finally, the crypto researcher examined Ethereum (ETH), the lead altcoin and second-largest digital asset by market capitalization.
As per Bennett, if the price of Ethereum falls under $1,050, it might decrease by more than 20% from its present levels.
Explaining his point, the strategist quotes that $1,050 is the highest mark for ETH. He further says that lower targets could be $900 and maybe $780.
At the time of publication, Ethereum is changing hands at $1,049 with a surge of 3.18% in the last 24hrs.