Analyst outlines the future of bitcoin in light of the current correction

Cryptocurrency analyst Justin Bennett spoke about his vision of the recovery of bitcoin and the entire cryptocurrency market after a sudden correction, reduced its capitalization by almost $400 billion

Аналитик обрисовал будущее биткоина в свете нынешней коррекции

According to CoinGlass, positions worth more than one day were liquidated per day $882 million. Bitcoin has corrected by about 10%, and the rest of the market went down with it..

According to the analyst, if bitcoin does not hold the level $60 000, then it can expect a further decline to $55 000:

"Apparently, candlestick & quot; bearish blockage" for BTC was a signal. Bitcoin has a lot of support around $60 000. If BTC can't come back higher $63 300, expect a decline to the level $55 000»

Bennett stressed, what courses cryptocurrencies regularly fall on 20-30%, and BTC only on 12% below its maximum.

To assess the state of the cryptocurrency market, Bennett monitors the US dollar index (DXY). Weak US dollar indicates higher prices for many assets, and a strong dollar signals a correction in the markets. According to him, DXY is moving in a large upward channel and is now at the resistance level, which can reverse motion:

"DXY tested resistance level of 95.8"

Bennett has previously cited a weaker dollar as a potential catalyst., which can cause a sharp increase in bitcoin. He thinks, that BTC will end the bullish cycle well above the level $200 000, but it will take much longer, than previously thought:

"I still think, that the peak of the BTC cycle will be in the range $207 000 — $270 000. But I'm starting to think, that the process may take longer, than previously thought. It takes more capital and more time to raise the BTC rate "

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