A notable crypto analyst and trader is sounding the alarm, suggesting that Bitcoin (BTC) could see a significant drop back to the $70,000 range in the near future. According to Justin Bennett, a respected trader with a substantial following on X, Bitcoin may be on track to fill a CME gap by reaching the $77,360 level.
For those unfamiliar, a CME gap refers to the variance between Bitcoin’s closing price on Friday and its opening price on Monday on the Chicago Mercantile Exchange. Traders often keep an eye on these gaps as they tend to be filled eventually. Bennett seems to be referencing a gap from November of last year that still needs filling.
Despite recent bullish momentum, Bennett remains cautious about Bitcoin’s ability to break through the $92,000 resistance level. He points to a possible retest of the $78,260 low and advises that bulls may be running out of time. In his words, “Bulls are on borrowed time.”
Additionally, Bennett cast doubts on the potential impact of the upcoming White House Crypto Summit, where details about the US Crypto Strategic Reserve are expected to be revealed. He doesn’t believe that the summit will lead to a sustained rally for Bitcoin and suggests that the event may be more of a “buy the rumor, sell the news” scenario.
As of the latest update, Bitcoin is priced at $87,884, marking a 3.7% decrease in the last 24 hours. It’s essential for investors and enthusiasts to stay informed about these developments to navigate the volatile crypto market effectively.
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