Crypto Analyst Warns Bitcoin Remains Vulnerable Above $50,000, Says Zero Reasons To Be Bullish on One DeFi Altcoin

A broadly adopted crypto strategist thinks that Bitcoin (BTC) is in a tricky spot even because it trades above $50,000.

Analyst Justin Bennett tells his 112,000 followers on the social media platform X that BTC has hit the diagonal resistance of an ascending channel.

An ascending channel is usually considered as a bullish sample because it means that an asset goes by way of an uptrend and printing larger highs and better lows.

With Bitcoin hitting the sample’s resistance stage, Bennett thinks that it’s attainable for BTC to appropriate to as little as $46,000.

“BTC stays susceptible whereas under this $52,000 – $53,800 space.

If I’m fallacious, then Bitcoin ought to clear this space and base above it.

Till then, I’ll stay bearish.

No emotion wanted.” 

Supply: Justin Bennett/X

Zooming out, Bennett thinks that Bitcoin has not but convincingly reclaimed the diagonal assist of an ascending channel on BTC’s month-to-month chart, suggesting {that a} correction is in sight.

“The actual fact is that nothing has modified within the broader image. $49,000… $52,000… it’s all the identical when coping with excessive timeframe swings.

However be at liberty to maintain pondering these items change each hour.” 

Supply: Justin Bennett/X

At time of writing, Bitcoin is buying and selling for $51,784, hovering just under the diagonal assist of Bennett’s sample.

Trying on the native asset of the decentralized trade Injective (INJ), Bennett says the altcoin seems to be ripe for a extreme corrective transfer right down to its diagonal assist at round $20.

The analyst notes that the pullback will likely be confirmed if INJ dips under $31.

“I’ve solely seen one bearish take on INJ all week out of dozens.

I see zero causes to be bullish right here.

Affirmation under $31.

Invalidation above $37.

Zero emotion wanted.” 

Supply: Justin Bennett/X

At time of writing, INJ is buying and selling for $36.97, simply barely under the dealer’s invalidation worth stage.

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