A well-liked analyst is issuing a dire warning to crypto buyers, saying that Bitcoin (BTC) and Ethereum (ETH) are poised to ignite sharp corrective strikes earlier than the subsequent bull cycle can start.
Prime crypto strategist Justin Bennett tells his 100,400 Twitter followers that he’s holding an in depth watch on the TOTAL chart, which measures the market capitalization of all digital belongings.
In line with Bennett, the TOTAL chart is gearing up for yet one more rally this cycle earlier than breaking its diagonal assist and dropping greater than half of its worth.
“[The] anticipated cycle low for TOTAL (complete crypto market cap) is $760 million. Decrease if we don’t get one final reduction rally.
Most assume the present pullback results in the subsequent cycle low.
I feel we see one final reduction rally earlier than it occurs. BTC $52K, ETH $4K earlier than [correction].”
Bennett’s chart, the TOTAL market cap will backside out at round $760 million by Might 2023, suggesting a draw back danger of over 55% from the $1.72 trillion valuation of all crypto belongings at present.
The crypto strategist additionally highlights that he sees Bitcoin and Ethereum revisiting their 2017 highs throughout the corrective interval.
“As for cycle lows for BTC and ETH, the above would put them round $18k-$20k and $1k-$1.4k, respectively.”
At time of writing, Bitcoin is exchanging palms for $38,131 whereas Ethereum is valued at $2,817.
As for the timing of the subsequent bull cycle, Bennett says that he expects the crypto markets to undergo a protracted consolidation part after bottoming out subsequent yr.
“Sure. Most likely a backside someday in early 2023 adopted by 10-15 months carving a base. That will additionally line up with the subsequent bull market starting shortly after the subsequent halving in March 2024.”
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