Today, there are many experts followed in the valuation of financial assets such as cryptocurrencies and stocks. These experts provide insight and insights to investors by analyzing the markets. Recently, a widely followed crypto analyst warned that Bitcoin (BTC) and other assets such as stocks may have peaked for now.
Popular analyst Justin Bennett is convinced that stocks are near the top. told.
“The more charts I look at, the more convinced I become that stocks have peaked (or are very close to the top).
Combine the charts with solid US figures (gross domestic product, employment, consumer confidence, etc.) and a bullish 10-year bond. I bet the Fed will raise rates more than the markets expected and keep rates higher for longer. That statement can backfire wildly, and if I’m wrong, I’ll stand by my opinion.”
Bennett took a closer look at the leading cryptocurrency Bitcoin (BTC). The analyst’s charts show that he expects Bitcoin to drop into the $28,000 price zone before rising again.
do it.$BTC #Bitcoin https://t.co/N0VOMylcvY pic.twitter.com/DnSE2v4osM
NEWS CONTINUES BELOW— Justin Bennett (@JustinBennettFX) June 28, 2023
Bitcoin is trading at $30,368 at press time, up 0.91% over the past seven days.
Finally, Bennett also examined the US dollar index (DXY). DXY is a benchmark used to determine the strength of the US dollar and to track the performance of the dollar in foreign exchange markets, and represents a basket weighted with six different major currencies. In general, when DXY strengthens, BTC tends to weaken. According to Bennett, DXY will face a “big test” in its next level.
“There is a big test for DXY here at 103.30/50.”
Last week, Bennett said it was “not the time” to go bearish in DXY.
You can check the price movements here.