Another Imminent Corrective Move For Bitcoin (BTC), Top Analyst Predicts Here’s His Outlook

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A closely-watched crypto strategist believes that Bitcoin (BTC) is gearing up to liquidate both bulls and bears in the coming days.

Justin Bennett tells his 112,300 Twitter followers that there is a huge pool of short stops resting above the $30,000 level for BTC.

According to Bennett, it is within the realm of possibility for BTC to briefly trade above $30,000 to weed out early Bitcoin bears who believe the crypto king will descend in a straight line.

Let’s see if BTC sniffs out those short selloffs above $30,000 this weekend.

Source: Justin Bennett/Twitter

Although Bennett predicts a short-term rise in Bitcoin, he believes BTC will see a quick corrective move after the rally. The crypto strategist believes that BTC could fall to $26,800 before bouncing back.

Something like that from BTC wouldn’t surprise me after this week’s volatility.

Take shorts, then long ones.

Let’s see.

Source: Justin Bennett/Twitter

Bennett also shares a Bitcoin heatmap showing that many BTC bulls have placed long positions around the $26,000 price level.

Source: Justin Bennett/Twitter

At the time of writing, Bitcoin is trading for $29,272.

Looking at the total market capitalization of all crypto assets (TOTAL), Bennett says TOTAL is still below the crucial $1.18 trillion level, suggesting that the broader digital asset market is still struggling. start a rally in small groups.

TOTAL is one of the reasons why I am not comfortable with crypto right now despite BTC closing above $28,800.

TOTAL is still holding below the highs of the $1.18 trillion range after the recent deviation.

Source: Justin Bennett/Twitter

At the time of writing, TOTAL is hovering around $1.168 trillion.

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Featured Image: Shutterstock/Emanuel Bustos

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