Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/expert-advises-caution-as-bitcoin-faces-potential-dip-sp-500-nears-top" rel="noopener noreferrer nofollow">Expert Advises Caution as Bitcoin Faces Potential Dip, S&amp;P 500 Nears Top</a><br></p>
<p style="text-align: justify">Crypto analyst Justin Bennett has indicated a potential drop in Bitcoin’s price, alerting his social media followers to concerning signals from a critical dominance chart. Alongside Bitcoin’s forecast, Bennett also suggests a nearing peak for the S&amp;P 500 index, indicating a possibly turbulent period for investors.</p>
<h2 id="tether-dominance-points-to-bitcoin-s-possible-decline">Tether Dominance Points to Bitcoin’s Possible Decline</h2>
<p style="text-align: justify">Bennett pointed out the inverse relationship between the <a href="https://en.bitcoinhaber.net/assessing-tethers-financial-clarity-and-profitability-in-2023" rel="noopener noreferrer nofollow">USDT</a> dominance (USDT.D) chart and Bitcoin’s price, suggesting that the cryptocurrency has not established its price floor and could face a further downturn. The USDT.D, which tracks the market share of the leading stablecoin, often signals a shift from riskier cryptos to more stable investments, hinting at a bearish sentiment among traders.</p>
<p style="text-align: justify">The analyst has previously correlated the trends on the USDT.D chart with a possible 30% price drop for Bitcoin, potentially bringing its value to around the $30,000 threshold. He bases this prediction on the notion that increased USDT dominance is an indication of investors’ caution and preference for stability in uncertain market conditions.</p>
<h2 id="warnings-of-an-sp-500-peak-loom">Warnings of an S&amp;P 500 Peak Loom</h2>
<p style="text-align: justify">Turning his attention to traditional markets, Bennett sees parallels between current S&amp;P 500 index patterns and those observed during Bitcoin’s peak in 2021. He posits that the index is edging close to a cycle peak, based on its proximity to the significant 5,000 point level, suggesting a major decision point for the market is imminent.</p>
<p style="text-align: justify">Investors are advised to keep a watchful eye on these indicators as both the cryptocurrency and stock markets could be approaching critical junctures. Bennett’s analysis serves as a precaution for those navigating the volatile investment landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/expert-advises-caution-as-bitcoin-faces-potential-dip-sp-500-nears-top" rel="noopener noreferrer nofollow">Expert Advises Caution as Bitcoin Faces Potential Dip, S&amp;P 500 Nears Top</a></h5>

Expert Advises Caution as Bitcoin Faces Potential Dip, S&P 500 Nears Top

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