Bitcoin faces potential collapse if key support level is breached, warns trader Justin Bennett – learn his projected price points
In a recent strategy session, Bitcoin analyst Justin Bennett warns of potential double-digit percentage point corrections for the leading cryptocurrency, should a key support level at $106,000 prove to be unsustainable. Bennett outlined three possible downside price targets for Bitcoin, should it break through the critical support level – $101,000, $97,000, and $92,000, respectively.
According to Bennett, Bitcoin seems poised for a bearish reversal, with the $106,000 support level being the one to watch. In the event of a sustained breakdown below this level, he anticipates the market to trend downward to $100,000, then potentially dip further to fill an imbalance around $97,000 to $92,000.
However, Bitcoin's outlook could change dramatically if it manages to reclaim the all-time high levels, with a reestablishment of $110,000 on the daily chart negating the possibility of a bearish breakdown.
Currently, Bitcoin is trading around 4% below the all-time high of slightly under $112,000, at $107,560.
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Despite Bitcoin's current trading price being just 4% below its all-time high at $107,560, Justin Bennett suggests a potential bearish reversal if the support level at $106,000 breaks, with the cryptocurrency market trending downward towards $101,000, and possibly dipping further to $97,000 to $92,000. However, a reestablishment of the $110,000 level on the daily chart could negate this bearish outlook for Bitcoin, as well as altcoins linked to its performance within the finance industry and the larger blockchain ecosystem.
