Crypto analyst Justin Bennet is attempting to decipher when Bitcoin and the crypto markets at large will rally out of their recent drastic correction.
In a new strategy session, Bennet says that the entirety of the crypto market will continue to search for signals from Bitcoin after the recent crash.
“Everything is following that right now. If Bitcoin drops more, everything drops. If Bitcoin rallies, everything rallies. They’ve always been correlated, but right now, as fear is mounting, they are really correlated.”
The analyst is keeping a close watch on the $42,000 – $43,000 range for Bitcoin as the next key level to break for a new leg up. If BTC can break through the range, $47,000 would likely be the next level to claim.
Bennet concedes that though a lower push below $30,000 is still possible, perhaps to $28,000 or $25,000, he doesn’t believe the bull market is over. According to the analyst, Bitcoin’s current behavior is reminiscent of 2013, right before it caught fire for a 2,000% rally.
“I don’t believe the bull market is over. If anything, what’s happening now is similar to 2013. During the 2013 bull run, Bitcoin dropped 81% before rallying over 2,000% by the end of the bull market. While I don’t think we see a 2,000% run at the end of this correction, a significant rally through August/September still seems likely, in my opinion.”
Other top analysts have also suggested that the current correction in the crypto markets doesn’t necessarily signal the end of the bull run and that a massive rally is still on the horizon. Closely followed analyst PlanB, known for being the first to apply the stock-to-flow model (S2F) on Bitcoin, has doubled down on the model’s price prediction of $288,000 for this cycle, despite the ongoing market correction.
“I think we’re somewhere halfway [in the current bull cycle]. I’m very data driven so I don’t make that up, but I read in the data… I look to my stock-to-flow models, the stock-to-flow model (S2F) and the stock-to-flow X model (S2FX), and both models actually show we’re certainly not at the end of the cycle. We still have some room to go until $100,000 on average or $288,000 on average if you follow the stock-to-flow X (S2FX) model.”
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The post One Key Level Will Ignite Bitcoin’s Next Big Breakout, According to Analyst Justin Bennet appeared first on The Daily Hodl.
