Justin Bennett told his 101,000 followers on Twitter that the TOTAL chart, which tracks the market capitalization of all cryptocurrencies, is breaking below the bearish continuation pattern.
“It doesn’t get much cleaner than this. Today’s breakdown from TOTAL opens up the $1 trillion psychological level. The actual objective is $950 billion to be exact.”
According to the crypto analyst, the $1 trillion zone provides important support for the entire crypto market.
“[The] $1 trillion [level] was also the most heavily traded level during the early 2021 consolidation.”
If the TOTAL chart follows Bennett’s scenario, then altcoins will play a major role in this correction.
“Bottom line: another 15% lower from the entire crypto market seems likely before we can start talking about the potential for relief. Remember that BTC will be the closest to that -15% mark. Alts, especially lower caps will probably outpace it by 1.5-2x.”
Yesterday, June 12, Bitcoin was changing hands at $27,885. A 15% correction could push Bitcoin to a new yearly low of $23,500. Meanwhile, altcoins value can lose between 22.5% and 30%, according to Bennett.
Disclaimer: This article is for reference purposes only, not investment advice.
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