As Bitcoin’s massive rally continues, analyst Justin Bennett drew investors’ attention with a warning about the market. Bennett seems not yet convinced by the recent rise in Bitcoin price. Details are in our news…
Experienced analyst Justin Bennett made a remarkable warning, pointing out the capitulation periods observed in Bitcoin’s previous two halving cycles. Bennett stated that the double capitulation periods that occurred in the halving cycles of 2015-2016 and then 2019-2020 may bring a similar risk in the current rally process. states.
In his warning, supported by chart analysis, Bennett warns investors that a correction of approximately 43% from Bitcoin’s current level may be inevitable. However, as a noteworthy point, Bennett predicts that Bitcoin could reach the $ 50,000 level before this correction occurs. This situation stands out as a scenario that should be taken into consideration in order to call on investors to be prepared for a possible decline.
According to Bennett’s statements, the upward trend that Bitcoin has been following for the last two months ended with a second capitulation at the end of past halving cycles. But Bennett expresses reservations about whether things will be different this time. According to the analyst, unlike past scenarios, the challenges Bitcoin may face this time may be different from previous ones.
“There has been a tremendous breakout from BTC and it may continue without a significant correction in the short term. However, the last two bear markets ended with a second capitulation. Will it be different this time? “Maybe, but don’t rule out a $25,000 liquidity move.”
Bitcoin is trading at $43,739 at press time and the next halving event is expected to occur in April 2024. Bennett also says he is still not convinced that crypto markets are in the bullish phase. According to the crypto analyst, there are several reasons for this. For example, according to the analyst, “the macro landscape this time is VERY different from the beginning of the other crypto bull market.”
Sharing his predictions about Ethereum (ETH), Bennett says he sees no reason to give up his bearish thesis on the second largest crypto asset by market value. Bennett predicts that in this scenario, ETH could fall approximately 67% from its current level.
Ethereum is trading at $2,249 at the time of writing.
You can follow the current price movement here.