A closely followed Crypto strategist believes that the current Bitcoin pullback is setting up BTC and moving to a new record high.
Analyst Justin Bennett has told 115,000 followers of social media platform X that the BTC retracement drives traders to believe the bull market is over.
According to analysts, he hopes Bitcoin will fix under $100,000 before it fires fresh legs in the middle of $120,000.
“This is the part where everyone is very bearish in anticipation of a 2021 style macro top.
It’s probably where overly aggressive shorts become Rekt.
1. Runups aren’t even close to the same thing
2. The background is no different
3. I don’t think they’ll make this easy. ”
Source: Justin Bennett/X
In 2021, Bitcoin tried but failed to remove resistance twice for $69,000.
Regarding BTC’s Bennett’s downside target, we believe Bitcoin could bounce at $100,000 or $97,000.
“The next BTC leg down has been confirmed.
104,800 flips to the key resistance. Support is $100,000.
Same outlook for the past nine days. ”
Source: Justin Bennett/X
At the time of writing, Bitcoin is trading at $104,439.
Looking at the broader crypto market, analysts say they are focusing on a total chart that tracks the total market capitalization of all digital assets. Bennett expects to find support for a total of $3.04 trillion. This coincides with the expected BTC pullback.
“I could be wrong. I’m certainly not always right, but I don’t know how I interpret this as bullish.
Things can change, but now the seller is in control. ”
Source: Justin Bennett/X
A bearish total chart shows investors dropping their crypto holdings.
At the time of writing, the total is trading at $3.225 trillion.
Generated Image: Midjourney