A popular crypto analyst predicts that Bitcoin’s current price drop will lead to a new all-time high.
Analyst’s Prediction: A Dip Before the Surge
Justin Bennett, who boasts a large following on X (formerly Twitter), believes Bitcoin (BTC) is poised for a significant price increase after a retracement. He anticipates a correction below $100,000 before a rally to $120,000. Bennett suggests that this dip will cause many traders to become overly bearish, creating a buying opportunity. He points out key differences between this market cycle and the 2021 cycle, arguing that the current situation is distinct and less likely to lead to a prolonged bear market.
Price Targets and Market Indicators
Bennett sets a potential support level for Bitcoin at around $100,000 to $97,000. He’s also watching the total market capitalization of all cryptocurrencies (TOTAL), expecting it to find support at $3.04 trillion, which aligns with his Bitcoin price prediction. Currently, Bitcoin is trading around $104,439, and TOTAL is at $3.225 trillion.
A Cautious Outlook
While optimistic about Bitcoin’s future, Bennett acknowledges the possibility of being wrong. He emphasizes that the current market sentiment is bearish, with sellers seemingly in control. He urges caution and advises investors to conduct their own research before making any investment decisions.
