Crypto analyst Justin Bennett has warned that Bitcoin (BTC) is still vulnerable above $50,000 and may correct to as low as $46,000. He points out that BTC has hit the diagonal resistance of an ascending channel, suggesting a possible downturn. Bennett believes that Bitcoin has not yet convincingly reclaimed the diagonal support of the channel on its monthly chart, indicating a potential correction. Meanwhile, Bennett is bearish on the decentralized finance (DeFi) altcoin Injective (INJ), saying there are zero reasons to be bullish. He expects INJ to experience a severe corrective move down to around $20 if it dips below $31. Currently, Bitcoin is trading at $51,784, while INJ is trading at $36.97. Bennett cautions against being emotional when making investment decisions.
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Crypto Analyst Warns Bitcoin Remains Vulnerable Above $50,000, Says Zero Reasons To Be Bullish on One DeFi Altcoin
