A closely followed crypto analyst says one factor could cause Bitcoin (BTC) to plummet to $85,000.
In a new thread on the social media platform, a significant price drop.
“BTC is starting to collapse. If USDT.D tests 4.7-5%, Bitcoin looks set to rise to $85,000.”
According to Bennett, the market will only bottom when Tether dominance reaches the target range. The dominance level of an asset is the ratio between its market capitalization and the market capitalization of the entire crypto market.
“My plan hasn’t changed. I still think we will get Tether dominance into the 4.7-5% range before we see the bottom of the crypto market. Another 7% has to be accepted, give or take.”
The crypto strategist further says that USDT.D is on the rise and is expected to reach the 4.7-5% range in the coming weeks.
“The weekly chart says it all. Note that USDT.D closed above 4.29% two weeks ago and closed above 4.29% last week. As long as…
