Justin Bennett Looks Into Bitcoin, Reveals His Target Level To Go Bullish
A prominent crypto analyst and trader Justin Bennett will flip bullish on Bitcoin, if it drops to certain key level, as the crypto market tumbles alongside stocks and equities.
Bennett explains that he will go ‘long’ on bitcoin when it reaches his $39,000 target level, which means BTC should go further down about 8% from its current price.
“As bearish as I’ve been lately (and rightfully so), I do plan on flipping from net short to long near $BTC $39,000 if we get it.
I’m anticipating a decent bounce from there, and I’ll be well positioned in the event the macro picture turns bullish again.”
The analyst is closely following on US dollar index (DXY), which is the USD versus a basket of other major currencies, as an indicator of how BTC will move.
“$DXY is already testing 93.40.
Break that, and 94.60 is next.”
Bennett refers to his chart saying that Bitcoin has a strong correlation with the dollar index.
“And the next time someone tries to tell you there’s no correlation between BTC and DXY, tell them they’re wrong.”
And the next time someone tries to tell you there's no correlation between $BTC and $DXY, tell them they're wrong.https://t.co/rWfNPSwR5U
According to the analyst, Bitcoin’s price action from April to May of this year just before BTC tumbled from $58,000 to $30,000, is very similar to what is happening now.
