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While developments continue on the Bitcoin front, it wouldn’t be wrong to say that the price has a stable appearance. As BTC tries to hold above $65,000, this only means a 0.03% decrease. While BTC’s market cap remains above $1.28 trillion, its trading volume has risen to $25.6 billion. While the outlook for BTC is like this, one of the important analysts in the market also had a few words to say on this subject.
Analyst’s Bitcoin Commentary
One of the closely followed analysts in the crypto world made an important warning about Bitcoin (BTC). He stated that potential general economic disruptions could lead to major crashes in cryptocurrencies.
In a new interview, crypto analyst Justin Bennett told his thousands of followers on the social media platform X that in the event of a possible stock market crash, BTC and cryptocurrencies, in general, could take a hit.
Crypto bulls better pray the stock market doesn’t crash because the recent relative weakness indicates that the crypto market would also take a hit if it does.
According to Bennett’s view, if the recent price drop in Bitcoin was a fake drop or a deviation, it would have already been known to investors.
BTC is still holding below the October 2023 trendline, and now we see some follow-through. If this were to be a fakeout/deviation, it probably should have happened on the June 17th candle. Especially considering that the S&P, Nasdaq, and others have been on the rise for weeks, this is not very good.
Analyst’s Tether Commentary
Bennett also noted the decreasing market dominance of the stablecoin Tether (USDT) and stated that this could have a significant impact on the crypto market.
Looking at the charts shared by the analyst, it was seen that Tether’s dominance had reached lower levels, and this could be interpreted as a bad event for the crypto market.
I’ve been warning about this USDT.D (Tether dominance) trendline for months, and it’s still quite valid. Is a higher low developing? This could change, but in its current state, it’s not a good outlook for the crypto market.
As of the time of writing, the price of BTC was exactly at the $65,002 level.
