Summary
- Cryptocurrency analyst Justin Bennett analyzed that if Tether (USDT) dominance tests the 4.7~5% range, Bitcoin (BTC) could drop to $85,000.
- USDT dominance has recently maintained over 4.29% on a weekly basis, indicating a possibility of exceeding 4.75%.
- Considering the bearish trend in the stock market, he added that it might be difficult for Bitcoin to sustain its upward trend.
On the 30th (local time), according to the cryptocurrency specialized media Daily Hodl, cryptocurrency analyst Justin Bennett stated, "Bitcoin (BTC) is turning bearish," and analyzed that "if Tether (USDT) dominance tests the 4.7~5% range, Bitcoin could drop to $85,000."
He continued, "Two weeks ago, the USDT dominance weekly closed at 4.29%, and last week it also closed above that level," adding, "As long as this trend continues, it seems likely to exceed 4.75%."
Additionally, he mentioned, "There isn't much time left for Bitcoin to continue its upward trend," and "considering the bearish trend in the stock market, a trend reversal might be difficult."
Meanwhile, as of 04:08 on the 31st, Bitcoin is trading at $94,454.55 on the Binance Tether (USDT) market, up 1.12% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
