‘Crunch Time’: Crypto Trader Justin Bennett Outlines Two Possible Scenarios for Bitcoin After BTC Bounces From Major Support Level

A widely followed crypto analyst is outlining two possible routes Bitcoin ( BTC ) could take after bouncing off a major support level.

In a new thread, crypto trader Justin Bennett tells his 115,700 followers on the social media platform X that it’s “crunch time” for the top crypto asset by market cap after recovering from a dip, noting that it could plunge below $100,000 if BTC bulls don’t step up.

“Recap: BTC failed at $110,000 and $106,600 in May [and hit] $100,000 on Thursday. We had the Asia session bounce back to $104,000 as anticipated. Now, does Bitcoin fill the $97,000/$98,000 imbalance? Or can bulls reclaim this $104,000-$105,000 area? Crunch time.”

Source: Justin Bennett/X

Bennett also said that the flagship digital asset bouncing off $100,000 to hit $104,000 was a bullish scenario that would likely send BTC above $106,000.

“There you go. Nice bounce from $100,000 support. Looking pretty bullish so far. $104,000-$105,000 is resistance today. A reclaim would be bullish back to $106,600, but it’s resistance until proven otherwise.”

Source: Justin Bennett/X

Bennett goes on to note that other factors could influence the price of BTC, such as how the US stock market is doing and the dominance levels of Tether ( USDT ), the largest stablecoin in the world by volume.

“Almost there, fam. Same target and path I shared for crypto on May 21st. I’m not saying Tether dominance at 5% will be the bottom for BTC, but there should be a strong reaction in that area if tested. Remember that USDT [dominance] moves inversely to Bitcoin.”

Source: Justin Bennett/X

Bitcoin is trading for $105,202 at time of writing, a fractional increase on the day.

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