Analyst Justin Bennett is discussing how much further the Bitcoin price can drop as the cryptocurrency markets fall with stocks. Also, the analyst says that he plans to open a long position when BTC drops to a certain price level. As Kriptokoin.com, we have compiled the analyst’s meteoric forecasts for you, let’s examine them together…
Justin Bennett: When BTC price drops to $ 39,000, I will open long!
The closely-followed analyst, who expects a big bounce, says that he will open a net long in BTC when it reaches $ 39,000, which is about 10% below the current price. Justin Bennett adds the following to his explanations on the subject:
It is bearish as it has been recently, I plan to move from net short to long near $39,000. I expect a good bounce from there and I’ll be in a good position if the macro picture gets bullish again.
Justin Bennett: I’m looking at this catalyst for Bitcoin!
Analyst Justin Bennett looks to the US dollar index (DXY) – a basket of other major currencies against the USD – as a potential catalyst for further correction in BTC. Typically, a stronger DXY can be associated with a weakening of many asset prices. Justin Bennett adds the following to his explanations on the subject:
DXY is already testing 93.40. Break that and the next is 94.60.
According to the analyst, Bitcoin has a strong correlation with the dollar index. Justin Bennett adds the following to his explanations on the subject:
And the next time someone tries to tell you that there is no correlation between BTC and DXY, tell them they were wrong.
Justin Bennett: Bitcoin could repeat these price moves…
Analyst Justin Bennett also suggests that Bitcoin could repeat the price action from April to May of this year, just before BTC dropped from $58,000 to $30,000. Justin Bennett adds the following to his explanations on the subject:
April – May on the left. September on the right. BTC…
The leading cryptocurrency BTC is trading at $43,200, down 3% at the time of writing. The flagship of cryptocurrencies currently has a market cap of $813.5 billion. Altcoins are currently trading on the redboard.
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