Crypto Analyst Warns Of Possible Bitcoin Downturn: 'The Next Stop Is $38K On A Sustained Break'

Cryptocurrency analyst Justin Bennett has warned about a possible downturn in Bitcoin's BTC/USD value.

Following a significant uptrend, Bennett suggests that Bitcoin might be heading towards a bearish trend, potentially dropping to the $38,000 mark.

What Happened: In a post on X on Friday, Bennett expressed concern over Bitcoin's future and said, "Not a great look for BTC while below $43,300. Possible lower high forming and starting to weigh on trend line support."

Bennett is also closely observing the USDT dominance chart (USD.T), a key indicator of the crypto market's capitalization held by USDT.

Also Read: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst

An increase in USDT.D, according to Bennett, would signal a bearish trend for the market and suggest a shift from cryptocurrencies to stablecoin.

Additionally, Bennett noted a resistance in the total market cap of digital assets (TOTAL), which indicated a potential downward pressure on Bitcoin.

He cautioned that, if Bitcoin fails to hold the $38,000 support level, it could see a further decline to around $32,000.

At the time of writing, Bitcoin was trading at $42,356.13, down by 4 percent in the last seven days. 

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