‘There’s Every Reason To Be Cautious’: Trader Issues Alert on Bitcoin Amid Major Resistance – Here’s His Outlook

A closely followed crypto analyst and trader is warning that Bitcoin ( BTC ) is at high risk of a deeper correction.

In a new post, crypto trader Justin Bennett tells his 115,900 followers on the social media platform X that Bitcoin’s market structure is weakening as it fails to regain $92,000 as support.

“How do some people still not get it? Bitcoin closed February below $92,000. That happened. There’s nothing else to wait for. So far, March has found resistance there. As long as BTC is below $92,000 on a monthly closing basis, there’s every reason to be cautious on a macro level.”

The analyst says even if Bitcoin shows some market strength this month, if it fails to close March above $92,000, the flagship digital asset remains at risk of a collapse.

“Nice reclaim of BTC $81,500 + retest. US CPI (Consumer Price Index) came in lower than forecast after some hot January numbers, so most likely some relief from risk assets. I can see $88,000 and possibly a $92,000 sweep, but from there, all eyes shift back to the February breakdown I’ve discussed.”

Bennett also says that based on Bitcoin’s historic correlation with the performance of stocks, a market bottom is not likely yet in for BTC as the SP 500 is correcting.

“And if the SP monthly structure since the Great Financial Crisis (that I’ve shared 117 times) is any indication, we still have a ways to go before we can start talking about a meaningful bottom.”

Bitcoin is trading for $80,916 at time of writing, down 3.2% in the last 24 hours.

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