Crypto Analyst Justin Bennett Warns One Factor Could Trigger Massive Bitcoin Plunge – Here’s His Target
A closely followed crypto analyst is identifying one key factor that could cause Bitcoin ( BTC ) to plummet all the way down to $85,000.
In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that the next time prominent stablecoin Tether’s ( USDT ) dominance level (USDT.D) tests the 4.7-5% area, the crypto king will see a significant price decrease.
“BTC is starting to break down. If USDT.D tests 4.7-5%, Bitcoin into $85,000 seems appropriate.”
Source: Justin Bennett/X
According to Bennett, the market won’t hit its bottom until Tether’s dominance levels reach the target area. An asset’s dominance level is the ratio between its market cap versus the market cap of the entire crypto market.
“My plan hasn’t changed. I still think we’ll get Tether dominance into the 4.7-5% area before we see the crypto market bottom. Another 7% to go, give or take.”
Source: Justin Bennett/X
The crypto strategist goes on to say that USDT.D is on the rise and should hit the 4.7-5% area in the coming weeks.
“The weekly chart says it all. Note how USDT.D closed above 4.29% two weeks ago and closed above last week. As long as this is holding on a weekly closing basis, that 4.7-5% area is next.”
Source: Justin Bennett/X
According to the analyst, as of this morning, BTC bulls have just under a day and a half to turn things around.
“Bulls only have 33 hours to turn things around, which seems unlikely given today’s bloodbath from stocks. We’ll see.”
The top crypto asset by market cap is trading for $92,046 at time of writing, a 1.9% decrease during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Garan Julia/Aleksandr Kovalev
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPMidterm Elections Conclude, Anthropic Initiates IPO
1. Cross-asset performance diverged this week. Between the October 30 and November 6 closes, the S&P 500 fell 2.68%, the Nasdaq 100 dropped 4.91%, and BTC lost 1.88%. Gold and silver rose 4.51% and 5.79%, respectively, while the Hang Seng gained 5.10%. Sharp declines in crude oil and some Asian equity indexes showed how differently assets responded to growth, policy, and event risks. 2. Democrats won majorities in both chambers of Congress in the US midterm elections, and markets rallied before reversing. We focus on actual changes in fiscal negotiations, key committee arrangements, and local industrial policy, especially data-center approvals, energy costs, and the pace of capital expenditure. We do not map party outcomes directly to asset direction. 3. The pullback in technology stocks has put returns on AI investment under renewed scrutiny. Whether rapid growth can cover financing, construction, and ongoing compute costs is becoming a key valuation test. For related positions, monitor policy implementation, customer capital expenditure, and cash collection together, and do not read a one-day rebound as a sign that the pressure has passed. 4. Anthropic's IPO preparations are putting the growth quality, operating profitability, and funding needs of AI model companies under public-market scrutiny. Valuations discussed for the offering are not final pricing, and participating in related products also requires assessing fees, allocation methods, asset rights, and trading restrictions. Assets in focus: BTC, the Nasdaq 100, crude oil, and gold, along with key earnings from companies including CSCO, AMAT, and CEG
Asian Stocks Rebound, Nikkei Up 3.4%, but Can They Lead Wall Street?
Brent Crude Fell 12.5% But Former Biden Advisor Warns Iran War Could Return
Cathie Wood Blames Anthropic’s CEO for AI Panic: Why Attack a Company Her Fund Backs?
Crypto prices
More
