Crypto Analyst Justin Bennett Identifies One Key Factor That Could Cause Bitcoin (BTC) to Plummet to $85,000

In a new thread on the social media platform X, crypto trader Justin Bennett tells his 115,700 followers that the next time prominent stablecoin

Renowned crypto analyst Justin Bennett is eyeing one key factor that he believes could send Bitcoin (BTC) price plummeting to the $85,000 level.

In a new thread on social media platform X, the crypto trader tells his 115,700 followers that the next time leading stablecoin Tether (USDT) price dominance (USDT.D) tests the 4.7-5% range, the crypto king will be seeing a substantial price decrease.

“BTC is starting to break down. If USDT.D tests 4.7-5%, Bitcoin into $85,000 seems appropriate.”

According to Bennett, the market will not be bottoming out until Tether’s dominance levels reach the target zone. An asset’s price dominance is the ratio between its market capitalization and the market cap of the entire crypto market.

“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.”

The crypto strategist adds that USDT.D is rallying and should be reaching the 4.7-5% range within the next seven weeks.

“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.”

According to the analyst, as of this morning, BTC bulls have just under a day and a half to turn things around.

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

The top crypto asset by market cap is trading at $92,046 at press time, down 1.9% in the last 24 hours.