A Crypto Analyst Predicts Bitcoin Pullback Setting Up for New Record Highs
A well-known crypto strategist has shared insights on the current Bitcoin pullback, suggesting that it may pave the way for BTC to reach new all-time highs.
Analyst’s Perspective
Crypto analyst Justin Bennett, with a significant following on X, believes that the ongoing retracement in Bitcoin could lead some traders to prematurely assume that the bull market is coming to an end.
According to Bennett, Bitcoin is likely to experience a correction below $100,000 before embarking on a fresh upward trend towards $120,000. He points out that despite the current bearish sentiment, there are key differences from the 2021 market scenario:
- The current run-up in BTC is not comparable to the previous cycle.
- The market backdrop is significantly different this time around.
- Short sellers may face unexpected challenges due to the evolving market dynamics.
In 2021, Bitcoin struggled to surpass the $69,000 resistance level, triggering a bear market that saw BTC plummet to lows of $16,000.
Regarding potential downside targets for Bitcoin, Bennett suggests that the cryptocurrency could find support around $100,000 or $97,000, with $104,800 acting as a critical resistance level.
As of the latest update, Bitcoin is trading at $104,439.
Broader Market Analysis
Bennett is also monitoring the TOTAL chart, which tracks the overall market cap of digital assets. He anticipates a correction in TOTAL, expecting it to find support around $3.04 trillion, aligning with his projections for Bitcoin’s pullback.
Bearish signals in the TOTAL chart indicate a trend of investors offloading their crypto assets. As of now, TOTAL is valued at $3.225 trillion.
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