Crypto money markets closely followed by analyst Justin Bennett’in evaluations came to the agenda. Bennett, current Bitcoin (BTC) $104,030.58 He thinks that withdrawal can lead to new record levels after a correction below a certain level. Analyst said that the recent movements in the market could lead to the idea that the rise trend in some investors ended.
Bitcoin Price Expectations
According to Bennett, more negative expectations may occur in the market with the fall of Bitcoin below $ 100,000. After this level, the analyst drew attention to the possibility of starting a new upward movement in prices again. In this context, Bennett believes that the price of BTC would first retreat a little and then reach $ 120,000.
Justin Bennett: “At this stage, most people may think that the upward movement in the market has ended. However, the differences between the past increases and the current environment should be taken into consideration. In addition, there is a possibility that investors who make over -selling investors will be negatively affected.”
Bitcoin’s short -term support zone is 100,000 dollars and 104,800 dollars can be monitored as resistance points.
The analyst made evaluations not only Bitcoin but also for the general crypto currency market. Bennett explained that he carefully monitoring the total index, which shows the total crypto asset market value. According to the analyst, the total market value can find a support for $ 3.04 trillion, and a movement is expected to be parallel to the withdrawal in Bitcoin.
Justin Bennett: im I may be wrong, I cannot always say that I am right. But I do not agree with some analysts who consider existing data as a sign of ascension. I think that sellers have more impact on the market. ”
The downward appearance of the total index shows that some investors have disposed of their digital assets.
Differences with 2021 Taurus Market
In 2021, the price of Bitcoin tried to exceed the level of $ 69,000 twice, but did not succeed, and the strong price drop in this process caused a new bear market to start. Bennett emphasizes that the current market conditions and background is significantly different to 2021.
Nevertheless, investors should know that analysts are predicting to be wrong. Even the best technical analysis experts have a success rate of exceeding 50 %, but are considered extremely successful. As a matter of fact, at the time of preparing the article, minutes before the daily closing, it is over 105 thousand dollars.
It is pointed out that fluctuations in Bitcoin and general crypto currency markets may not resemble past periods. Therefore, investors may be recommended to evaluate long -term trends rather than short -term movements. It is understood that a market structure, where sellers are more effective in recent days, but the upward potential in the short term remains.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
