Bitcoin Price Action Pointing to Further Downside, Says Crypto Analyst Justin Bennett – Here Are His Targets

Bitcoin’s recent downtrend has prompted crypto analyst Justin Bennett to express bearish sentiment towards the leading cryptocurrency. According to Bennett, Bitcoin’s price action suggests the formation of a rising wedge pattern on the four-hour chart, typically indicating further downside potential after a bounce. Based on his analysis, Bennett believes that Bitcoin could drop to a low just above $50,000. He identifies $57,800 as a critical support level, stating that if it fails to hold, Bitcoin may revisit the $53,000/$54,000 lows and potentially even reach $50,000. However, Bennett acknowledges that the current price action is not convincing. Bitcoin is currently trading at $57,855. Another analyst, Inmortal, shares a similar bearish view, suggesting that the crypto market will experience further turbulence for a couple more months.