A Crypto Analyst Believes Bitcoin is Vulnerable Above $50,000 and Warns Against Being Bullish on a DeFi Altcoin
A popular crypto strategist suggests that Bitcoin (BTC) is in a precarious position despite trading above $50,000. According to analyst Justin Bennett, BTC has reached the diagonal resistance of an ascending channel. Typically considered a bullish pattern indicating an upward trend with higher highs and higher lows, the analyst believes that Bitcoin could potentially correct to as low as $46,000.
Bennett states that BTC remains vulnerable below the $52,000 – $53,800 range. If Bitcoin fails to surpass this level and establish a base above it, he will remain bearish. In his view, nothing has changed in the broader picture as BTC has yet to convincingly reclaim the diagonal support of the ascending channel on its monthly chart.
The Outlook for Injective (INJ)
Examining Injective (INJ), the native asset of the decentralized exchange, Bennett suggests that the altcoin is primed for a significant corrective move towards its diagonal support at around $20. He notes that if INJ falls below $31, it will confirm the pullback. The analyst sees no reason to be bullish on INJ at this time and emphasizes that confirmation lies below $31 while invalidation occurs above $37.
At present, INJ is trading at $36.97, slightly below the invalidation price level specified by Bennett.
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