Justin Bennett predicted a sharp drop in bitcoin

Famous cryptocurrency analyst Justin Bennett warns of the risk of a drop in Bitcoin’s value if the key support level is not maintained, so BTC could lose more than 8% of its current value.

The analyst uses the Whale Versus Retail Delta (WRD) indicator, which shows how optimistic large investors are compared to retail traders, but a decline in WRD is a negative sign for Bitcoin, as it is the large players that often determine the direction of the market.

According to Bennett’s forecast, bitcoin may fall to $ 69,300-$ 70,000, and if this level is maintained at the daily or monthly close, growth will remain possible, so otherwise, $ 65,000 may become the next benchmark.

The analyst also expressed doubts about the continuation of the bullish trend due to insufficient trading volume.

«If this is a breakout of BTC that should lead to a rise to $ 100,000, why is it stalling? Trading volume has not reached peak levels in recent years, and Bitcoin has been in a sideways trend for seven months!» Bennett emphasized.

According to the analyst, it is worth paying attention to the growing dominance of the Tether stablecoin (USDT) relative to other cryptocurrencies, which may signal a potential decline in bitcoin.

«If USDT’s dominance continues to grow, it will be another negative signal for BTC,» Bennett concluded.