Top Analyst Justin Bennett Draws The Possible Next Moves For Bitcoin
Justin Bennet, a popular crypto analyst, lays out path how Bitcoin could move in the coming weeks. According to him, BTC is currently following its June 2021 price trajectory.
Bennett shared with his 101K followers on Twitter that Bitcoin could be revisiting its 2022 lows of $26,910 as bulls have a hard time keeping BTC’s short-term diagonal support.
“BTC is trading below the May trendline at $29,700 on a four-hour closing basis. The next line of defense for bulls is $28,600. Below that, and we’re probably looking at a sweep of the May lows.”
Bitcoin’s current price action looks fairly similar to June 2021’s market structure where it also fell to the lows before staging a recovery phase.
“It might not play out exactly the same, but so far BTC is doing a decent impersonation of June 2021.”
If Bitcoin follows June 2021 path, according to Bennett, BTC could fall down to $24-25K and even lower.
“For this leg, probably somewhere between $24,000 and $25,000 if we get that sweep. But I doubt that’s the cycle low.”
However, if that plays out Bennett projects that Bitcoin would launch a relief rally, but it is very unlikely for BTC to form a longer lasting new bull market.
“More likely a relief rally into a lower macro high but I doubt it lasts that long.”
At time of writing, BTC trades at $30,600 up 3% on the daily chart.
