A broadly adopted crypto strategist is predicting how Bitcoin may commerce within the coming weeks as he says BTC is at the moment following its June 2021 value motion.
Analyst Justin Bennett tells his 100,900 Twitter followers that Bitcoin is vulnerable to revisiting its 2022 lows of $26,910 as bulls battle to keep up BTC’s short-term diagonal assist.
“BTC is buying and selling under the Might trendline at $29,700 on a four-hour closing foundation. The subsequent line of protection for bulls is $28,600. Under that, and we’re in all probability a sweep of the Might lows.”
In accordance with Justin Bennett, Bitcoin’s present value motion is paying homage to June 2021’s market stucture the place BTC additionally swept the lows earlier than launching a restoration.
“It may not play out precisely the identical, however thus far BTC is doing a good impersonation of June 2021.”
Ought to Bitcoin observe its June 2021 script, Bennett says BTC is prone to print contemporary 2022 lows.
“For this leg [down], in all probability someplace between $24,000 and $25,000 if we get that sweep. However I doubt that’s the cycle low.”
After recording a contemporary yearly low, the crypto strategist predicts a rally for Bitcoin however highlights that it is vitally unlikely for BTC to start out a brand new bull market.
“Extra doubtless a aid rally right into a decrease macro excessive however I doubt it lasts that lengthy.”
Bennett’s chart, the aid rally may take BTC as excessive as $35,000 in July.
At time of writing, Bitcoin is buying and selling at $29,733, down practically 8% from its weekly excessive of $32,206.
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