A widely followed crypto analyst is warning traders to be on the lookout for tough months ahead as the markets retrace.
Crypto trader Justin Bennett warns his 112,000 Twitter followers that the total crypto market cap (TOTAL) is on its way down.
TOTAL is a market cap measure of the entire digital asset space, Bitcoin (BTC) and altcoins included.
Bennett also sees warning signs for the crypto markets in the traditional financial markets. He says the S&P 500’s (SPX) recent drop spells trouble for crypto.
“It isn’t looking good for stocks and crypto, barring a significant recovery from SPX today.”
Diving in deeper into the king crypto specifically, Bennett lays out two possible scenarios for BTC’s future in a new chart.
“The current state of BTC.”
BTC is worth $28,600 at time of writing, just above the $28,450 price zone that could trigger a massive dump, as highlighted by Bennett.
Two days ago, Bennett told his followers that he was keeping an eye on how Ethereum (ETH) was trading against BTC (ETH/BTC).
“Eyes on ETH/BTC today.
Waiting to see if this is a bearish deviation.
If so, and we get some short setups, you’ll want to choose ETH over BTC.
No confirmation yet.”
Yesterday, he confirmed to his followers that he expects ETH to fall against BTC, questioning those who might be predicting a new altseason.
“Mentioned it yesterday, but I still favor ETH for any shorts that set up.
What alt season?”
ETH is trading for $1,953 at time of writing, or 0.068 BTC.
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Featured Image: Shutterstock/Jorm S