Top Trader warns things don’t look good for crypto and updates outlook on Bitcoin (BTC)

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A widely followed crypto analyst is warning traders to be on the lookout for tough months ahead as markets pull back.

Crypto trader Justin Bennett is warning his 112,000 Twitter followers that the total crypto market capitalization (TOTAL) is falling.

TOTAL

Source: Justin Bennett/Twitter

TOTAL is a measure of the market capitalization of the entire digital asset space, Bitcoin (BTC) and altcoins included.

Bennett also sees warning signs for crypto markets in traditional financial markets. He says the recent drop in the S&P 500 (SPX) is creating problems for the crypto.

This doesn’t look good for stocks and crypto barring a significant rally in SPX today.

Source: Justin Bennett/Twitter

Diving deeper into the king of crypto in particular, Bennett lays out two possible scenarios for the future of BTC in a new chart.

The current state of BTC.

Source: Justin Bennett/Twitter

BTC is worth $28,600 at the 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 tabs on how Ethereum (ETH) was trading against BTC (ETH/BTC).

Eyes on ETH/BTC today.

Waiting to see if it is a bearish deviation.

If this is the case, and we are getting short setups, you will want to choose ETH over BTC.

No confirmation yet.

Source: Justin Bennett/Twitter

Yesterday, he confirmed to his followers that he expects ETH to fall against BTC, questioning those who could predict a new alternate season.

I mentioned this yesterday, but I still favor ETH for any shorts that settle.

What other season?

Source: Justin Bennett/Twitter

ETH is trading for $1,953 at the time of writing, or 0.068 BTC.

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Featured Image: Shutterstock/Jorm S

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