Crypto Analyst Predicts Drastic Drop For Bitcoin: '$10K-$15K BTC Is Still In The Cards'

Cryptocurrency analyst, Justin Bennett is bearish on Bitcoin BTC/USD and is warning that the apex cryptocurrency could reach levels $10,000 to $15,000. 

What Happened: Bennett in a post on Jan. 23 said, "$10-$15k $BTC is still in the cards, IMO. Sure, COVID was a black swan, but it’s not like we don’t have a laundry list of systemic issues to choose from this time around. The chart speaks for itself." 

The cryptocurrency analyst in another tweet on Thursday said Tether dominance chart suggests another 20% lower for Bitcoin.

"This moves inversely to Bitcoin, and the levels on this chart have been spot on since October. It would put BTC around $30k."

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Why It Matters: Since the introduction of spot exchange-traded funds (ETFs) in the United States earlier in the month, Bitcoin has seen a decline. Over the past two weeks, subsequent to the ETF launch, BTC has dipped by 14%.

It should be noted that the BTC ETFs are experiencing combined negative flows for the first time since their trade debut on Jan. 11. According to data collected by Bloomberg Intelligence analyst James Seyffart, the 10 spot Bitcoin ETFs, including GBTC, experienced a net outflow of $158 million on Wednesday. 

Price Action: BTC was trading at $40,012, up 0.18% in the last 24 hours, according to Benzinga Pro.

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