- Analyst Justin Bennett warns that Bitcoin could drop up to 13% after breaking key support at $106,000, with targets as low as $91,790.
- He also sees bearish signs for Ethereum amid rising USDT dominance and a recent trendline breakdown.
Bitcoin (BTC) may be headed for a deeper correction, according to analyst and trader Justin Bennett. In a recent update to his 115,400 followers on X (formerly Twitter), Bennett warned that BTC has “confirmed” a key breakdown, potentially setting the stage for a double-digit percentage decline.
The flagship cryptocurrency recently fell below a critical support level near $106,000, which Bennett now sees as new resistance. If Bitcoin fails to reclaim that level, the analyst believes the asset could plunge as much as 13%—targeting price zones around $100,730 and $97,762, and potentially bottoming out at approximately $91,790.
Also read: WhiteRock (WHITE) Soars 56%: Can This Crypto Sustain Long-Term Growth?
“Those downside targets are in play as long as $106,000 holds as new resistance on the daily time frame,” Bennett stated, emphasizing the importance of chart-based analysis over hopeful speculation.
The bearish sentiment doesn’t stop with Bitcoin. Bennett also pointed to the rising dominance of Tether (USDT) as a signal of broader market caution. USDT dominance, which reflects the percentage of Tether’s market cap relative to the total crypto market, recently broke out to the upside—an event the analyst flagged as a potential warning for risk assets like BTC and Ethereum (ETH).
“There are no guarantees, but you have to respect what’s on the chart, not what you hope will happen,” he noted. “If [USDT dominance] holds, BTC and ETH pull back. Keep it simple.”
Ethereum is also showing signs of weakness. Bennett highlighted a breakdown below an ascending trendline on the four-hour chart, suggesting that ETH could slide toward support levels at $2,460 and $2,360. He added that a recent “fakeout” above range highs gives ETH a bearish tilt, although short-term price action may remain choppy.
At the time of writing, Bitcoin is trading at $105,365 and Ethereum at $2,605—both sitting just above key support zones that may determine whether crypto markets experience a deeper downturn in the days ahead.
