A Crypto Analyst Predicts A Significant Bitcoin Rebound
A leading crypto analyst predicts a massive Bitcoin rise that will outperform expectations. After reclaiming a crucial support level, analyst Justin Bennett believes Bitcoin has likely printed a temporary bottom.
“There’s a good chance crypto has reached a local bottom if BTC can reclaim $28,800 today. Like the sell-off, the relief rally will likely run beyond most expectations.”
At the time of writing, BTC is trading at $30,342 according to CoinCu data.
The crypto analyst is also keeping an eye on the USDT dominance chart (USDT.D), an index that measures the value of stablecoin 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 USDT. Meanwhile, traders are risking their Tether by purchasing 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 massive broadening ascending wedge (exhaustion pattern). This breaking lower is the relief rally for crypto as it moves inversely to Bitcoin. The objective is 20% lower, which roughly translates to 20% higher for BTC from current levels.”
A 20% pullback on the USDT.D chart, according to Bennett, could send Bitcoin “roughly” between $35,000 and $36,000.
Even though Bitcoin appears to be negative, the crypto analyst reminds his followers that the market frequently gives possibilities for significant rebounds.
“We’re at that point in the downtrend where many feel that BTC will never rally again. It’s complete despair out there. That’s usually a good time to do some shopping. Even bear markets don’t move in straight lines.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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