Bitcoin’s Potential Plummet to $85,000

A closely followed crypto analyst states that Bitcoin (BTC) could drop to $85,000 due to Tether’s (USDT) dominance level.

In a new thread on social media platform X, crypto trader Justin Bennett shared with his 115,700 followers that the next time Tether’s dominance level (USDT.D) tests the 4.7-5% area, Bitcoin may experience a significant price decline.

> “BTC is starting to break down. If USDT.D tests 4.7-5%, Bitcoin into $85,000 seems appropriate.”
> Source: Justin Bennett/X

Bennett believes the market will not hit its bottom until Tether’s dominance reaches this level. An asset’s dominance is measured by the ratio of its market cap to the entire crypto market’s cap.

> “My plan hasn’t changed. I still think we’ll get Tether dominance into the 4.7-5% area before we see the crypto market bottom. Another 7% to go, give or take.”
> Source: Justin Bennett/X

The crypto strategist notes that USDT.D is on the rise and should reach the target area soon.

> “The weekly chart says it all. Note how USDT.D closed above 4.29% two weeks ago and closed above last week. As long as this is holding on a weekly closing basis, that 4.7-5% area is next.”
> Source: Justin Bennett/X

According to Bennett, BTC bulls have under a day and a half to change the situation.

> “Bulls only have 33 hours to turn things around, which seems unlikely given today’s bloodbath from stocks. We’ll see.”

At the time of writing, Bitcoin is priced at $92,046, a 1.9% decrease in the last 24 hours.