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
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 emphasized, 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 considers, 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 "
