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Crypto analyst Justin Bennett highlights a possible short-term decline in Bitcoin’s price. He suggests that Bitcoin 
$88,455 could drop to around $77,360, driven by price discrepancies observed in CME trading. This price gap arises from the differences between Thursday’s closing and Monday’s opening prices. These insights indicate that investors should be prepared for short-term adjustments.
Expectations for a Short-Term Bitcoin Decline
Bennett reiterates that Bitcoin may reach the $77,360 level soon. He notes that a price gap from last November might regain its influence on the market. This situation could significantly impact Bitcoin’s upcoming market movements, urging investors to remain vigilant and cautious.
According to Bennett, the anticipated drop in Bitcoin’s price could coincide with volatility at lower levels. Therefore, it is crucial for investors to be prepared for market fluctuations. He also emphasizes that surpassing the resistance level of $92,000 is unlikely in the near term.
Resistance Levels and Investor Advice
Bennett recommends opening short positions around the $91,000 mark for Bitcoin. He expresses concern that the current upward movement may be limited, questioning the sustainability of the bullish market. Bennett warns that Bitcoin could test levels below $78,260, urging investors to exercise caution.
Furthermore, Bennett states that the recent Crypto Summit held at the White House will not trigger a long-term rally. He believes that expectations surrounding the summit were overstated and that its outcomes might be misinterpreted by investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
