Analyst Justin Bennett Says Crypto Market at Pivotal Levels, Warns Caution Is Needed – Here’s His Outlook
A closely followed crypto analyst is warning that the crypto market may not be done correcting based on one key metric. In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,900 followers that the Tether dominance chart (USDT.D) is flashing bearish for Bitcoin (BTC) and other digital assets. Many traders closely watch the USDT.D chart as it shows how much of the crypto market cap is comprised of stablecoin Tether (USDT). 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. “You can’t help but feel we’re at pivotal levels right now in the crypto market. Tether dominance just secured its highest daily, three-day, and five-day close since early November, and this 4.4% area is serving as support so far this week. Despite how some will react, I’m not making any bold calls (yet), as...