A well-known and respected cryptocurrency expert believes that Bitcoin (BTC) is getting ready to liquidate bulls and bears in the days and hours ahead. According to Justin Bennett, who has 112,300 followers on Twitter, there have been a large number of short stops that have accumulated above the $30,000 mark for BTC.
According to Bennett, it was not out of the realm of possibility for BTC to temporarily trade over $30,000 to knock out early Bitcoin thinking that the price of the king cryptocurrency would continue to move down in a straight line. “Let’s see if BTC sniffs out a brief liquidation above $30,000 this weekend,” said one possible sentence.
Bennett thinks that Bitcoin will see a rapid corrective move after the uptick he anticipates for the cryptocurrency, even if he expects Bitcoin to see a short-term spike in the near future. Cryptocurrency experts think that the price of Bitcoin may reach $26,800 before starting to recover.
After last week’s volatility, something like this coming from Bitcoin wouldn’t surprise me. First, take shorts, and then trousers. Let’s see.” Bennett also provided a Bitcoin heatmap, which shows that a large number of BTC bulls have opened long positions near the $26,000 price level.
Bennett notes that the overall market value of all crypto assets (overall) remains below the critical threshold of $1.18 trillion. This suggests that the broader market for digital assets is still trying to trigger a breakout rally but is having difficulty doing so.
“One of the reasons I’m not comfortable with cryptocurrencies right now is because of TOTAL, despite the fact that BTC just closed over $28,800. After the latest deviation, TOTAL still maintains its position below the $1.18 trillion high range.