Justin Bennett Estimates Next Moves For The Wider Crypto Market
According to Justin Bennett, a top crypto market analyst, Bitcoin (BTC) is likely to find a local bottom along with the rest of the crypto markets.
Bitcoin (BTC)
Bennett shared two tweets with his 100.6K followers saying that the Nasdaq (NDX) has fallen down from its recent ascending channel, which according to him is not a good sign for BTC.
Focusing on the Bitcoin chart, the market analyst notes that BTC has also fallen out of its recent rising wedge on the 30 min chart, which indicates that a correction might be looming for the leading digital asset.
At time of writing, ETH trades at $2,840, up 2.66% on the daily.
Crypto Market Recovery?
While the analyst is projecting a Bitcoin and Ethereum to lose some ground, he anticipates that the next leg down will launch a strong recovery for the crypto market.
“Still anticipating this from TOTAL.
Many will be calling for $30,000 and even $20,000 BTC during this next leg lower.
But the majority is usually wrong.
Eventually, yes, but probably not when most expect.”
The TOTAL chart keeps record of the total market capitalizations of all cryptocurrencies. Bennett in his chart estimates a rally for the total crypto market after finding diagonal support of the channel.
Within that bounce, Bennett projects BTC reaching $52,000 and Ethereum $4,000. According to him, the rally is likely to start in the next few days.
“Many of the chart structures I’m tracking point to a potential May 4th bottom.
May 4th is the next Fed meeting, and we just got the first negative US GDP print since 2020.
Down until then, and a more dovish Fed sparks a relief rally from stocks and crypto?
Likely.”
Many of the chart structures I'm tracking point to a potential May 4th bottom.
May 4th is the next Fed meeting, and we just got the first negative US GDP print since 2020. ?
Down until then, and a more dovish Fed sparks a relief rally from stocks and #crypto?
