Justin Bennett: Bull Market Not Over Yet – $35K Key Level For Bitcoin
According to Justin Bennett, a prominent crypto market analyst, crypto bull market market is still on-going. Market crashes happen unexpectedly, and now everyone expect it, he says.
The analyst shared with his 97,8K followers on Twitter that the crypto bull market has not ended yet, and believes that there is one more leg up left, before a corrective phase begins.
“I don’t think the crypto bull market has ended.
Markets don’t crash when everyone expects them to, and right now, everyone expects it.
My base case is for one more melt-up this year, followed by a correction in either late 2022 or 2023.”
According to Bennett, it’s not likely that the Federal Reserve will raise interest rates and reduce asset purchases aggressively.
“I doubt the Fed hikes and tapers as aggressively as they say, especially if the stock market corrects further.
They’ll likely choose market stability over controlling inflation if it comes down to that.”
If the Federal Reserve is forced to remain “accommodative,” crypto volatility could increase as a result, he warns.
“So that means we could be in for more volatility in the short term if the stock market is going to strong-arm the Fed into remaining accommodative for longer.
But ultimately, I don’t think this crypto bull market is over just yet. It’ll be an interesting few months regardless.”
So that means we could be in for more volatility in the short term if the stock market is going to strong-arm the Fed into remaining accommodative for longer.
But ultimately, I don't think this crypto bull market is over just yet. It'll be an interesting few months regardless.
Regarding key level for Bitcoin, Bennett writes in Cryptocademy newsletter that the leading digital asset could jump to test the resistance level between $40,000 and $42,000, if it can hold support at $35,000 level.
However, if BTC drops below $35,000, it could take a further fall by nearly 20%, says Bennett.
“For now, it’s a matter of Bitcoin staying above the $35,000 area. Do that, and $40,000-$42,000 is the resistance area to break, followed by $45,000-$46,000.
On the other hand, a daily close below the $35,000 region would open the door to $30,000.”
