Crypto analyst Justin Bennett predicts reversal scenarios for Bitcoin and an Altcoin corporate blockchain

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Closely followed crypto analyst Justin Bennett predicts how Bitcoin and another altcoin will reverse their corrections and return to bullish territory.

Bennett tells his 95,000 Twitter followers that Bitcoin could form a double bottom structure after retesting its Dec. 4 lows to nearly $ 40,000 before starting a rally above $ 60,000.

“I would still love to see BTC fill that December 4th wick.

Maybe something like that … “

Source: Justin Bennett / Twitter

In a new video, Bennett explains why he is still bullish on Bitcoin even as it drops below the key psychological level of $ 40,000.

“So basically the two scenarios where I would be a buyer would be either a $ 40,000 retest here or a $ 53,000 payback. I did not object to the idea of ​​a movement below $ 40,000. I know a lot of people say that if Bitcoin drops below $ 40,000 it’s very bearish. I don’t necessarily believe it just because yes we would lose this stocking [from December 4th], and you want to see higher ups and downs.

I understand. You wouldn’t want the market to close below $ 40,000. However, even if we get a new $ 35,000 test, you should understand that here too (early 2021) you could have said the same. “

According to Bennett, Bitcoin saw lower highs and lows between April and May of this year, but BTC has remained bullish for the long term.

“But instead we got a new all-time record. So clearly it was not. And for me, I see $ 40,000 as a very similar situation. “

Bennett also has an eye on the supply chain focused VeChain (VET) blockchain. The analyst says the VET could reverse its trend after a strong rebound around the $ 0.08 level, where he says a long ascending trendline is found.

“Typically you need some kind of technical catalyst, and for me that would be a test of that trendline. So that would be seeing the VET come back here to that area, test it for support, and then we’ll get that move higher in 2022. Without that, we really don’t have that hard reset that we would need to see higher prices. next year . “

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