Famous crypto analyst Justin Bennett, who has close to 98,000 followers on Twitter, states that market crashes often turn the opposite corner. According to Bennett, the crypto bull market is still intact, but this correction could last for months.
“I don’t think the crypto bull market is over.” “Markets don’t crash when everybody expects it, and everybody is waiting for it right now,” said the analyst. My expectation is that there will be another correction this year, and then I expect a rise again at the end of 2022 or in 2023.” he said.
What Does He Think About The Fed’s Interest Rate Decisions?
Bennett, Federal Reserve will not raise interest rates and aggressively reduce asset purchases believes.
According to Bennett, if the stock market falls further, the FED may choose to correct the market stability instead of controlling inflation. In this way, he can abandon the decision to increase the interest rate.
What Levels Are on the Horizon?
However, Bennett bitcoinHe also said that if the coin manages to stay above $35,000, it could rally to the $40,000 to $42,000 resistance level. “After that, it may be possible to see the $45,000-46,000 levels,” he said.
However, if the opposite happens and if BTC sees a daily close below 35 thousand, Bennett, who expects a 20% collapse, stated that if this happens, a rapid decrease up to $ 30,000 can occur. On the other hand, the analyst said, “With the loss of $28,000, a drop to $20,000 is possible.”
In summary, the famous name thinks that $35,000 is the most critical level in BTC.
Bitcoin Price Outlook
It closed yesterday with $ 37,160. Bitcoin (BTC) It is currently trading at $36,438 and is down 093% in the last 24 hours.