In a recent strategy session, Bennett told his teeming YouTube subscribers that a bearish flag pattern is forming on Bitcoin (BTC) chart, which suggests that the flagship crypto could still nosedive to a price around $8,500.

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He also stated that the trend line from the high of 2017 to the present also suggests the possibility of Bitcoin dropping below $10,000.

Justin Bennett noted:

“There is a pattern that’s setting up now. You can see where we have a much smaller bear flag pattern that is developing… The objective in this case is right around $8,500. Just above $8,000…

“If we draw a trend line off of the previous cycle peak, off of this high back here, you can see that we do get an area between $8,000 and $9,000.

Now I realize that this trend line is not all that significant. However, what I do find interesting is the fact that BTC has every single cycle put in a trend line similar to that.”

Read Also: Credible Crypto Says Unexpected Rally Will Send Bitcoin (BTC) To $100,000. Here’s the Timeline

According to the analyst, unlike previous cycles, the crypto market is currently in uncharted territory. He said this is the first time the market is facing the prevailing macroeconomic conditions:

“We have to remember that this bear market is unlike any other. Because in previous bear markets for Bitcoin and the rest of the crypto market, stocks were in an uptrend. Yes, they had pullbacks along the way but for the most part, they were in an uptrend. We were not facing high inflation and the Fed was generally accommodative throughout that entire period.

However, what we’re dealing with right now is very different from anything that crypto has been through in the past decade. Because right now we have inflation hitting 40-year highs, we have the Fed tightening. In fact, it’s the most aggressive tightening that we’ve ever seen from the Fed

And furthermore, the world is facing a recession. And crypto has never been through a global recession. It wasn’t even around during the 2008-2009 great financial crisis.

Anything that you think you know or anything from previous cycles really needs to be thrown out the window or reevaluated significantly. Because again this is unlike anything we’ve ever seen… This is unlike anything we’ve ever seen before. It’s uncharted territory.”

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The post Analyst Explains Why Bitcoin (BTC) Could Still Nosedive Below $10,000 appeared first on Times Tabloid.

In a new strategy session, Bennett told his teeming subscribers on YouTube that Bitcoin may continue its bearish trend if the S&P 500 fails the resurge.

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Justin Bennett noted:

“If we see a bear market, a true bear market for the S&P 500 and we enter a recession which I personally think that we’re already in a recession, then we could very well see the S&P 500 drop 30%, 40%, if not 50%.

“And look, if BTC is hovering around $20,000 while the S&P 500 is off its all-time high by just 19%, then what happens if the S&P 500 is off by 30% or 40% or 50%? We’re going to see Bitcoin a lot lower than $20,000. I can pretty much guarantee you that now.”

It should be noted that Bitcoin (BTC) has dropped below the $20,000 support level. At the time of press, BTC is trading at $19,058, with a relatively 5% price downtrend in the last 24 hours.

Bennett further stated that the S&P 500 index, which has clearly demonstrated correlation with Bitcoin since bears took over the market, is yet to enter the bear market territory.

Read Also: MicroStrategy Announces Purchase of Bitcoin (BTC) worth $10 Million amid Market Downturn

Although Bitcoin showcased some positive trends recently, the analyst believes that the flagship crypto is yet to bottom.

“Bitcoin and the S&P 500 have been tracking each other ever since this sell-off started. And right now BTC is off its all-time high by quite a bit but the S&P 500 is only off its all-time high by 19%. Twenty percent is the start of a bear market, so 19% is nothing.

“First and foremost, we obviously have this ascending channel that formed here off of the recent low, down here around $17,600.

“Now I know a lot of people think that this is the macro bottom for BTC. I tend to disagree with that and I think a lot of people think this is the bottom because for a long time everybody was thinking that if we did see a bear market we’d see Bitcoin around $20,000 and then we would see a bounce.”

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The post Here’s why This Top Analyst Said Bitcoin (BTC) Could Crash A Lot lower than $20,000 appeared first on Times Tabloid.

At the time of press, VeChain (VET) is trading at $0.04853, with a relatively 9% and 34% loss in the past 2 weeks and 30 days, respectively. However, according to a popular crypto analyst, VET could be resting on crucial levels at the moment, with the potential for a major price uptrend.

Read Also: VeChain’s First-Ever Stablecoin, VeUSD, Is Now Live for Minting. Here’s How To Mint the Coin

Justin Bennett Says VeChain (VET) Is Poised For 40% Uptrend

According to Justin Bennett, a popular crypto analyst and trader, this upcoming VeChain (VET) rally could aid its price to surge 40% from its current levels

During a strategist session on YouTube, the analyst identified a setup from 2020 on the weekly chart. At that time, according to the analyst, the price of VeChain (VET) was getting ready for one of its biggest rallies in the following months.

In the video, Bennett showed the price of the digital token VET moving sideways in an inverse “head and shoulders” pattern.

As shown in the chart below, after the cryptocurrency managed to break above that trend line, it was able to resume a bullish trend into uncharted territory. Back then, VET was able to print 1,000% gains in terms of price through 2021.

Justin Bennett noted:

“In order for VET to move significantly higher this year, I’m talking $0.10 and higher, it is going to have to get above this trendline. So, this is what I mean by this trendline it’s going to be significant in terms of the overall context of the market.”

According to the analyst, VeChain (VET) has already attempted to surge above this trendline but has failed near the $0.070 price mark. He said until the price of the crypto can return to those levels, the downtrend could continue.

Read Also: VeScribe Launches in Las Vegas to Bring VeChain Digital Albums to Engravers Nationwide

Is There Hope For VeChain (VET) To Surge Beyond This Critical Level?

According to Bennett’s clarification, VET’s price is liable to see some relief in the short term. He said the digital currency is likely poised for a 40% move back to its previous resistance levels at $0.070.

Bennett said:

“The market is kinda getting into a point where it’s gonna have to make a decision… The setup I’m looking for VET is going to be a daily close above the $0.050 area… Then we are looking at a potential move up to that $0.070 area… From $0.050 to $0.070 it may not sound like a lot, but that is a 40% rally. In my opinion, it’s worth the wait.”

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The post Analyst Says This Upcoming VeChain (VET) Rally Could Push Its Price Up to 40%. Here’s Why appeared first on Times Tabloid.

In a new strategic session, Bennett observed patterns in Bitcoin’s historic price action and concluded that the flagship crypto could be set for a 20-30% rally.

Read Also: Man Returns Home to Learn That his Mother Threw Away Damaged Laptop on which He Had Saved his $557 Million Worth of Bitcoin

Justin Bennett noted:

“Ever since early 2021, you can see where we get the low below the liquidation wick, we then get a move higher. Every single time this has occurred.

The average move for Bitcoin is about 63%, so if you average out all these moves it’s about 63%. The smallest one was back here [in April], and this was about 27%…

If we use past price action to get an idea of what’s likely here, and we look from the low down here at $40,000…

If we did get something like that smallest move around 27%, it would put the market up here right around $50,000, and that would actually make a lot of sense because we know that this area between $50,000 and $53,000 is likely to be significant.”

Read Also: Customers of Italy’s Best Private Bank Banca Generali Will Be Able to Buy and Sell Bitcoin in 2022

The crypto analyst added in a tweet that a price of somewhere between $50,000 and $53,000 makes the most sense as a target for a relief given that sellers are likely to defend that range as resistance.

However, he pointed out that Bitcoin (BTC) will have to kick off its rally by breaking through the $45,600 mark first.

“More consolidation from BTC. I’m still anticipating a move to $45,600 and potentially $50,000-$53,000 in the next few weeks.”

Read Also: PlanB States His Target Market Cap for Bitcoin (BTC) Amid Market Downturn

At the time of filing this report, BTC is trading at $42,592, with a relatively 1% price downtrend in the last 24 hours and 1.26% up over the last 7 days.

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The post Justin Bennett: 30% Surge Is Likely Around the Corner for Bitcoin (BTC) appeared first on Times Tabloid.

According to the analyst, as long as Bitcoin (BTC) maintains its bullish momentum, altcoins such as VET, the native token of the decentralized supply chain management platform, VeChain, could be set for a fresh bullish run.

Read Also: CTI Says VeChain is a Better Eco-Friendly Blockchain, Compared to Bitcoin, Ethereum, Cardano

Captioning a chart for illustration, Justin Bennett tweeted, “VET has had two false breaks since September. However, it reclaimed the April trend line on Tuesday. As long as BTC continues to behave, this is the time to load up on altcoins that are lagging, IMO.”

$VET has had two false breaks since September. However, it reclaimed the April trend line on Tuesday.

As long as $BTC continues to behave, this is the time to load up on #altcoins that are lagging, IMO. pic.twitter.com/ZgcvT1ZLmK

— Justin Bennett (@JustinBennettFX) October 6, 2021

Bennett also has more to say on the current trend of Bitcoin (BTC) in the market. In his close observation on Bitcoin (BTC), the analyst pinpointed a few key price levels for the flagship digital currency.

According to the trader, there is one hurdle left before the first and largest cryptocurrency surges closer to record new all-time highs.

Read Also: VeChain Launches Solution Aimed to Revolutionize the Way Sustainability Is Tracked In the Fashion Industry

Justin Bennett tweeted, “Last hurdle before $60,000+. Needs a close above $54,300 to flip it to support.”

$BTC

Last hurdle before $60,000+. Needs a close above $54,300 to flip it to support. pic.twitter.com/WKruEuL5DV

— Justin Bennett (@JustinBennettFX) October 6, 2021

According to CoinMarketCap, Bitcoin (BTC) is trading at $54,393, with a relatively 7% price upsurge in the last 24 hours.

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The post Analyst Justin Bennett: VeChain (VET) Could Be Set For a Fresh Bull Run appeared first on Times Tabloid.

In a tweet on 30th August, Bennett told his teeming followers that there will soon be a notable capital outflow from Cardano (ADA) into VeChain (VET).

Read Also: VeChain to Help Catalyze the Digitalization of Carbon Data and Help Facilitate China’s Emissions Reduction Initiative

The trader clarified that he has nothing against Cardano (ADA), but that is how it has been from day one, stating that there is no reason to doubt his prediction.

Captioning a chat for illustration, Justin Bennett tweeted, “Nothing against ADA, but sometime soon, we’re going to see capital flow out of ADA and into VET. That’s how it’s worked from day one. No reason to think otherwise.”

Nothing against $ADA, but sometime soon, we're going to see capital flow out of ADA and into $VET.

That's how it's worked from day one. No reason to think otherwise.#VeChain #VeFam pic.twitter.com/CPKCxzvmca

— Justin Bennett (@JustinBennettFX) August 30, 2021

In the same thread of tweets, he stated that he expects this notable outflow from Cardano (ADA) into VeChain (VET) to play out around the time VET is breaking out from the April trend line near 0.132.

Read Also: VeChain (VET) Joins Top 10 Cryptocurrencies with Leading Social and Market Activity

He wrote, “My guess is it happens around the time VET is breaking out from the April trend line near 0.132.”

In the comments, many traders came to testify that they just sold their ADA holdings for VET.

Bennett further advised traders to hold the two coins after a crypto user suggested that it’s good to keep both ADA and VET for investment diversification.

“Sure, I’ve said that for 16 months. But anyone rebalancing their portfolio should be pulling some off the top of ADA and into VET and others that have yet to pump.”

Sure, I've said that for 16 months. But anyone rebalancing their portfolio should be pulling some off the top of ADA and into VET and others that have yet to pump.

— Justin Bennett (@JustinBennettFX) August 30, 2021

Read Also: VeChain Releases New Version of VeChainThor Mobile Wallet with Price Display Support for VEED Token

At the moment, the reason why Justin Bennett is certain that this will subsequently play out cannot be ascertained. However, all the top cryptocurrencies in the market are still in a state of recovery following a slight price pullback.

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The post Justin Bennett States When Cardano (ADA) Will Start Seeing Capital Outflow into VeChain (VET) appeared first on Times Tabloid.

The cryptocurrency market led by Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, has been showcasing bullishness for the past couple of days.

Read Also: VeChain (VET) Joins Top 10 Cryptocurrencies with Leading Social and Market Activity

Since Bitcoin (BTC) has regained its surging momentum and is close to retesting $50,000, other cryptocurrencies such as VeChain (VET) are expected to replicate the positive trend.

Justin Bennett Says VeChain (VET) Is Set To Break Its Descending Trend

A crypto analyst and trader with over 60,000 followers on Twitter, Justin Bennett, has recently analyzed the current trend of VeChain (VET), the 22nd largest digital currency by market cap.

According to the trader in a recent tweet, VeChain (VET) is turning $0.115 into its new support level, which is an indication that the cryptocurrency is set to break the descending trend line from April 2021.

Read Also: VeChain Releases New Version of VeChainThor Mobile Wallet with Price Display Support for VEED Token

Captioning an illustrative chart, Justin Bennett tweeted, “VET had its retest of 0.115 as new support. Now it’s time to break that descending trend line from April. Let’s go #VeFam!”

$VET had its retest of 0.115 as new support. Now it's time to break that descending trend line from April.

Let's go #VeFam! #VET #VeChain pic.twitter.com/5MhAkoZXR0

— Justin Bennett (@JustinBennettFX) August 21, 2021

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The post Analyst Justin Bennett: VeChain (VET) Is Set To Break Descending Trend Line from April appeared first on Times Tabloid.