A well-known cryptocurrency trader and strategist predicts a large Bitcoin (BTC) rally that will outperform forecasts. After reclaiming a cr...
A well-known cryptocurrency trader and strategist predicts a large Bitcoin (BTC) rally that will outperform forecasts.
After reclaiming a crucial support level, analyst Justin Bennett tells his 100,900 Twitter followers that Bitcoin has likely printed a temporary bottom.
"If BTC can recoup $28,800 today, there's a decent likelihood crypto has achieved a local low."
The relief rally, like the sell-off, will almost certainly exceed most predictions."
Bitcoin is currently trading for $30,150 at the time of writing.
The crypto expert is also keeping a close eye on the USDT dominance chart (USDT.D), which records the value of stablecoin Tether (USDT) in relation to the total market capitalization of all crypto assets.
A rising USDT.D price suggests that traders are selling crypto assets in order to put their money in Tether. Meanwhile, traders are risking their Tether by buying Bitcoin and other cryptocurrencies, according to a corrected USDT.D chart.
As it trades within a trend exhaustion pattern, Bennett believes USDT.D is due for a significant correction.
"USDT.D with a big ascending wedge expanding" (exhaustion pattern).
As crypto moves inversely to Bitcoin, this breaking lower is a relief rally.
The target is a 20% decrease, which approximately correlates to a 20% increase in BTC from current prices."
A 20% retreat on the USDT.D chart, according to Bennett, could push Bitcoin "approximately" between $35,000 and $36,000.
Even if Bitcoin appears to be negative, the crypto analyst reminds his followers that the market frequently gives possibilities for strong bounces.
"We've reached the stage in the decline where many people believe Bitcoin will never rally again. There's nothing except dread out there. It's usually a fantastic time to go shopping at that time. Even bear markets do not follow a logical path."
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