A closely followed crypto analyst is warning that Bitcoin (BTC<\/a>) may soon plummet into the $70,000 range.<\/p>\n In a new thread, crypto trader Justin Bennett tells<\/a> his 115,800 followers on the social media platform X that Bitcoin may decline by more than 8% of its current value, hitting a 2023 trendline that coincides with a CME gap.<\/p>\n A CME gap is the difference between the Friday closing price of Bitcoin and the Monday opening price on the Chicago Mercantile Exchange.<\/p>\n \u201cBitcoin looks determined to close that $77,360 November CME gap, which could intersect with the September 2023 trendline. Probably some relief in March from this area, but the monthly chart looks toppy unless BTC can miraculously close February above $92,000. The odds aren\u2019t looking good.\u201d<\/em><\/p>\n Bitcoin is trading for $84,837 at time of writing, down 2.2% in the last 24 hours.<\/p>\n The analyst is also keeping a close watch<\/a> on the Tether dominance chart (USDT<\/a>.D) for signs of a possible bullish reversal for Bitcoin.<\/p>\n The USDT.D chart shows how much of the crypto market cap is comprised of the stablecoin USDT.<\/p>\n A bullish USDT.D chart is generally considered bearish for Bitcoin and other cryptocurrencies as it indicates traders are unloading their crypto holdings in favor of the stablecoin.<\/p>\n \u201cWant a clean view of where Bitcoin will likely get some relief in March? No guarantee we get there, but this USDT.D channel has called the shots since 2022. A retest of channel resistance [around 5.90%] should offer relief for crypto. That\u2019s what I\u2019m eyeing as long as 4.97% holds as support.\u201d<\/em><\/p>\n USDT.D is 5.13% at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Featured Image: Shutterstock\/PHOTOCREO Michal Bednarek<\/em><\/span><\/p>\n<\/p><\/div>\n
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<\/center><\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n
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