‘Time To Pay Attention’: Trader Justin Bennett Warns Crypto Market Could Plunge if Benchmark Index Retraces
A closely followed crypto analyst is warning that the digital assets market may be heading lower if the correlation between crypto and stocks holds.
In a new thread, crypto trader Justin Bennett tells his 115,900 followers on the social media platform X that the crypto market may correct deeper as stocks tumble.
“If you use the stock market for clues about crypto (recommended), the S&P 500 is getting rejected from range highs [Friday]. The most likely path here seems like a move back to the 5,877 region. That could drag crypto with it, and considering where Ethereum is trading, it’s time to pay attention.”
Source: Justin Bennett/X
Bennett also believes that the flagship crypto asset will continue to outperform altcoins based on Bitcoin ( BTC ) dominance (BTC.D) metric.
Bitcoin dominance currently stands at 61.92%. Traders use BTC.D to track if altcoins are outperforming Bitcoin as the metric calculates how much of the crypto market cap belongs to BTC.
Says Bennett,
“Remember this December 4th call on Bitcoin dominance? BTC dominance never looked back. As discussed in December, I wouldn’t be surprised to see BTC.D trend toward 72% in the coming months. Respect the pattern until proven otherwise.”
Source: Justin Bennett/X
Lastly, he predicts that both BTC and Ethereum ( ETH ) will likely trade sideways in the near term with a bearish bias as markets react to US President Donald Trump’s latest comments on trade tariffs.
“Well, BTC shorts were squeezed more than ETH shorts. Considering how weak ETH has been, this isn’t a big surprise. Once again, the Bitcoin mid-range is serving as resistance after Trump’s comments about reciprocal tariffs. Chop chop.”
Bitcoin is trading for $96,715 at time of writing, flat on the day. Meanwhile, ETH is trading for $2,637 at time of writing, down 2.5% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SHIB Jumps 18%, SUI Rebounds to $2.11, and BlockDAG Eyes $1 with 2,520% Gains; Best Crypto for Higher Returns?
Track Shiba Inu’s 18% gain, SUI’s bounce to $2.11, and why experts call BlockDAG the best crypto for higher returns in 2025.SHIB on the Move as Momentum BuildsSUI Price Chart Signals a Potential BreakoutBlockDAG Surges Past $224M – Could Reach $1 in 2025?Closing Thoughts
$TICS Soars in Presale—Theta and AAVE Take the Stage as Best Altcoins to Buy and Hold for Short Term
Explore the best altcoins to buy and hold for the short term in 2025. Featuring Qubetics, Theta, and AAVE with real-time updates and actionable insights.Qubetics: Leading the Charge in Blockchain InnovationTheta: Pioneering Decentralized Video StreamingAAVE: Dominating the DeFi LandscapeHow Qubetics Stands OutConclusion: The Future Is Bright for Qubetics, Theta, and AAVE
Countdown to Gains: Best New Meme Coins for Significant Returns Include BTFD ($2K to $60K!), SPX6900, and ACT
Discover three of the best new meme coins for significant returns, starting with BTFD Coin and its referral rewards system.BTFD Coin: Referral Rewards & Degen DreamsSPX6900: The Meme Economy Meets Market ManiaACT I: The AI Prophecy – Lore, Bots, and Blockchain Destiny
XRP’s First Movers Won Big — Qubetics Is Becoming the Best Crypto to Buy This Month
. XRP's success underscores the importance of recognizing and acting on promising ventures early, a lesson that remains relevant as new projects like Qubetics emerge on the scene.Missed XRP’s Early Gains? Qubetics Is the Best Crypto to Buy This MonthXRP’s Journey: A Testament to Early AdoptionDon’t Let History Repeat Itself: Embrace the Best Crypto to Buy This Month
Trending news
MoreCrypto prices
More
