The closely-followed crypto analyst Justin Bennett predicts how Bitcoin and another altcoin will return to bull territory from their corrections.
Bennett tells his 95,000 followers on Twitter that Bitcoin could create a double-floor structure after hitting its lows of Jan.
“I would still love to see BTC fill this December 4th wick.
Maybe something like that … “
Source: Justin Bennett / Twitter
In a new video, Bennett explains why he’s still bullish on Bitcoin even as it falls below the key psychological level of $ 40,000.
“Basically, the two scenarios I would be a buyer in would be retesting $ 40,000 down here or reclaiming $ 53,000. I did not speak out against the idea of a move under $ 40,000. I know a lot of people say that when Bitcoin drops below $ 40,000 it is very bearish. I don’t necessarily think so just because, yes, we would lose this low [from December 4th], and you want to see higher highs and higher lows.
I get that. You don’t want the market to close below $ 40,000. But even if we get a retest for $ 35,000, you must understand here (early 2021) that you could have said the same thing. “
Bitcoin hit lower highs and lower lows between April and May this year, according to Bennett, but BTC remained bullish over the long term.
“But instead we have a new one All time high achieved. So that was clearly not the case. And for me, I see $ 40,000 as a very similar situation. “
Bennett also has the supply chain-focused Blockchain VeChain (VET) in view. The analyst says VET could reverse its trend after a hard rebound around the $ 0.08 mark, where he believes there is a long ascending trendline.
“Usually you need a technical catalyst, and for me that would be a test of this trend line. So it would mean VET here comes back into this area, tests it as a support, and then moves up in 2022. Without that, we really don’t have the hard reset we’d need next year to see higher prices. “
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Source: Crypto News Deutsch