Analyst Justin Bennett Calls For Bitcoin Recovery Back To $50K Levels
A prominent cryptocurrency analyst and trader, Justin Bennett, projects recovery rally for Bitcoin (BTC), amid recent recovery from below $40K.
Bennett shared with his 96,800 followers on Twitter that Bitcoin’s bounce from the 90-day low of $39,796 would make that BTC is ready to make recovery,
“BTC has a habit of dropping 4%-8% below liquidation wicks before bouncing. It’s occurred five times since the start of 2021, excluding the December 4th candle.
Today’s low is 5.7% below the $42,000 liquidation low.
Bounce time.”
$BTC has a habit of dropping 4-8% below liquidation wicks before bouncing. It's occurred five times since the start of 2021, excluding the December 4th candle.
Today's low is 5.7% below the $42,000 liquidation low.
On December 4th, BTC fell 22% in a single day from around $53,000 to $42,000 before buyers stepped in and pushed BTC to $49,152, which left behind a large downward wick on the daily candle.
Bennett also looked into this in a recent video update, saying that he sees Bitcoin climbing back to $50,000 level.
“I do like the idea of a bounce between $38,000 and $40,000. Let’s talk about targets. If we do get that bounce, either from $40,000 or so or down toward $35,000.
Now if you look at every single time Bitcoin has done this since early 2021, the average bounce following a liquidation event and then that move below the low, every single time it’s done this, the average bounce is around 63%. Now the lowest is 25%. The highest is 100%.
So with the average being 63%, we could very well see Bitcoin move back toward not only $45,000 but up toward $53,000.”
