• Crypto analyst and trader Pentoshi is expressing bearish sentiment on Bitcoin (BTC) as the crypto king continues to consolidate.
• He suggests that BTC could drop by as much as 38% from the current price if it loses its immediate support.
• Pentoshi also mentions the possibility of the DOJ suing crypto exchange Binance and a stock market correction in the near future.
Crypto Analyst Warns Bitcoin Could Plummet
A widely followed crypto analyst and trader, known as Pentoshi, is expressing bearish sentiment on Bitcoin (BTC) as the crypto king continues to consolidate. The top trader suggests that BTC could drop by as much as 38% from its current price if it loses its immediate support.
Here Are His Targets
According to Pentoshi, $19,000 – $20,000 and $22,000 – $23,000 are very very likely targets for BTC should it lose its current support level. Altcoins are also back at November lows.
What’s Causing This Potential Drop?
Pentoshi mentions a number of headwinds that could catalyze the next leg down for BTC. He says that the Department of Justice (DOJ) might be planning to sue crypto exchange Binance and that a stock market correction may be due soon after rallying over the past few weeks.
Will S&P 500 Index Correct?
Looking at the S&P 500 index, Pentoshi predicts that it will likely correct in the next few weeks as it approaches a key resistance area. He believes there is some local exhaustion showing up which could lead to this potential pullback towards 4,300 points in the coming weeks.
Important Disclaimer
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility