A extensively adopted crypto strategist is predicting how Bitcoin may commerce within the coming weeks as he says BTC is at the moment following its June 2021 worth motion.
Analyst Justin Bennett tells his 100,900 Twitter followers that Bitcoin is prone to revisiting its 2022 lows of $26,910 as bulls wrestle to take care of BTC’s short-term diagonal help.
“BTC is buying and selling under the Could trendline at $29,700 on a four-hour closing foundation. The following line of protection for bulls is $28,600. Under that, and we’re most likely taking a look at a sweep of the Could lows.”
In accordance with Justin Bennett, Bitcoin’s present worth motion is paying homage to June 2021’s market stucture the place BTC additionally swept the lows earlier than launching a restoration.
“It won’t play out precisely the identical, however to date BTC is doing a good impersonation of June 2021.”
Ought to Bitcoin observe its June 2021 script, Bennett says BTC is prone to print recent 2022 lows.
“For this leg [down], most likely someplace between $24,000 and $25,000 if we get that sweep. However I doubt that’s the cycle low.”
After recording a recent yearly low, the crypto strategist predicts a rally for Bitcoin however highlights that it is rather unlikely for BTC to start out a brand new bull market.
“Extra probably a reduction rally right into a decrease macro excessive however I doubt it lasts that lengthy.”
Taking a look at Bennett’s chart, the reduction rally may take BTC as excessive as $35,000 in July.
At time of writing, Bitcoin is buying and selling at $29,733, down practically 8% from its weekly excessive of $32,206.
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