Here’s When Bitcoin and Crypto Markets Could Finally Hit Bottom and Rally, According to Analyst Justin Bennett
A popular crypto strategist and trader says a local bottom is on the horizon for Bitcoin (BTC) along with the rest of the crypto markets – but there’s a catch.
Analyst Justin Bennett tells his 100,600 Twitter followers that the Nasdaq (NDX) recently broke out of an ascending channel, which he says doesn’t bode well for Bitcoin.
“There’s NDX… which translates to the next step down for BTC.”
Looking at Bitcoin, Bennett points out that Bitcoin also slumped from a rising wedge on the lower timeframe, suggesting that BTC is about to undergo a correction.
“BTC.Bitcoin.”
At the time of writing, BTC is changing hands for $37,995, down 1.83% in the last 24 hours.
As for Ethereum (ETH), Bennett also says that Ethereum will likely follow in BTC’s footsteps and head lower.
“ETH reversal at just the right time.
Still looking for $2,500.
At the time of writing, Ethereum is valued at $2,772, down nearly 2% over the past day.
Although Bennett predicts a pullback for Bitcoin and Ethereum, he notes that the next leg down will set up the crypto markets for a strong recovery.
“I still expect this from TOTAL.
Many will call $30,000 and even $20,000 BTC at this next lower leg.
But the majority is usually wrong.
Eventually, yes, but probably not when most expect it.
The TOTAL chart tracks the collective market caps of all crypto assets. Looking at Bennett’s chart, he predicts a strong rally in the crypto markets after marking the channel’s diagonal support.
During the bounce, Bennett says he sees BTC rallying at $52,000 with Ethereum recovering the $4,000 level. He also points out that the rally will likely be begin in the coming days.
“A lot of the chart structures I follow point to a potential bottom on May 4th.
May 4 is the next Fed meeting, and we just got the first negative print of US GDP since 2020.
Until then, and a more dovish Fed triggers a relief rally in stocks and crypto?
Likely.”
Once the relief rally is over, Bennett predicts a massive correction in the crypto markets and a final bottom by May 2023.
“The predicted cycle low for TOTAL (total crypto market cap) is $760 million. Lower if we don’t get a last relief rally.
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