Analyst Issues Bitcoin Warning, Says Nothing Wrong With Being Cautious Amid ‘Strange’ Week for BTC

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A closely followed crypto analyst is warning that Bitcoin (BTC) is not cleared for takeoff despite rallying above $68,000.

Crypto strategist Justin Bennett tells his 133,400 followers on the social media platform X that Bitcoin is flashing mixed signals as BTC threatens to surge to new all-time highs.

While BTC’s price is rising, Bennett warns that the rally may not be sustainable as it is being fueled by speculators amid weak spot market volume.

“People are celebrating a Bitcoin breakout from a seven-month range on a Friday (low volume) before the day or week has even closed, within a rally that is largely perpetual futures-driven and OI (open interest) that is back at its late July peak.

I’m not going to make any bold predictions because the data is conflicting at the moment, but if you’re a trader, there’s absolutely nothing wrong with being cautious here.” 

Open interest is a metric that tracks the total number of outstanding derivatives contracts for a given asset. A spiking OI puts a…