A Crypto strategist closely followed is of the opinion that the current Bitcoin -Pullback BTC is set up for a move to new record highs.
Analyst Justin Bennett tells his 115,000 followers on the social media platform X that the Retracement of BTC will probably make traders believe that the bull market is over.
According to the analyst, he expected Bitcoin to correct under $ 100,000 before it ignites a fresh leg on its way to $ 120,000.
“This is the part where everyone becomes Super Bearish and expects a macro-top in 2021 style.
It is probably also where exaggerated aggressive shorts stretch.
1. The run -up is not even near the same
2. The background can no longer be different
3. I doubt that they make it that easy. ‘
In 2021, Bitcoin tried but did not succeed in resisting $ 69,000 twice, which activated a bear market that sent BTC to a low of $ 16,000.
As for Bennett’s Note objective for BTC, he thinks Bitcoin can bounce at $ 100,000 or $ 97,000.
“BTC next leg attached down.
104,800 Flips to key resistance. Support is $ 100,000.
The same prospects for the past nine days. ”
At the time of writing, Bitcoin acts for $ 104,439.
Looking at the wider crypto market, the analyst out He monitors the total graph, which follows the total market capitalization of all digital assets. Bennett believes that the total will correct and find support at $ 3.04 trillion, which matches his expected BTC recovery.
“I can be wrong. I am certainly not always right. However, I am not sure how some people interpret this as a bullish.
Things can change, but at the moment sellers have control. ”
A bearish total graph indicates that investors unload their crypto companies.
At the time of writing, a total of $ 3,225 trillion acts.
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Generated image: midjourney