Point Shot Knows The Level That Bitcoin Will Drop! What’s His Next Goal?

Bitcoin experienced a sharp pullback due to the news from China. However, whether this pullback is a buying opportunity or a harbinger of a deeper decline, everyone is looking for the answer to this question.

Analyst Justin Bennet stated in his analysis on September 12 that Bitcoin’s $39,300 journey has begun, and we shared it with our followers.

You can find the analysis dated September 12 here.

The analyst’s target after $39,300 was between $48,000 and $49,000. Bennet expressed his expectations at that time in the following words:

Analysis of September 12

“A retracement to the main $40,000 weekly level makes a lot of sense here. That doesn’t mean it will happen, but it’s a scenario to consider. $39,300 is where I think we’re going. From there, a bounce to $48,000-$49,000 is likely to decide whether a lower or higher top will occur. The technical picture that will be formed at this level will give an idea about the rest of the year.”

Current Table

When we look at the current Bitcoin chart, we observe that the price declined to $ 39,600 during the week and received a reaction from there. The analyst’s first expectation seems to have come true precisely. According to this analysis by Bennet, the next target will be in the $48,000 to $49,000 range. Time will tell if Bennet will know that too.

After this analysis, we observe that although the Chinese news has reduced the risk appetite, the price has managed to hold on to certain levels.

We continue to move in the wedge we shared before the dump on September 24. Bitcoin has reacted exactly below this wedge.

Despite the dump, we observe that the day closes are at $42,500, which is our 0.382 fib level. These data show that in Bitcoin, Bennet’s $48-49,000 expectations are likely to come true.

Unless there is a close below $42,500, we expect the descending wedge to break up.

*Not Investment Advice.

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