Closely followed crypto analyst Justin Bennett says that bargain-hunters hoping to get Bitcoin at $30,000 will likely end up disappointed.
Bennett tells his 97,000 Twitter followers that many people who watch his YouTube strategy sessions are saying that a $30,000 Bitcoin is imminent, but he doubts traders will get BTC that cheap.
“Every other comment on my YouTube channel is someone waiting/wishing for $30k $BTC.
It would be the first time in a long time that retail gets exactly what they want.
I think a move higher from $35k-$36k is more likely.”
The analyst says that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is playing a big role in the crypto markets. Usually, a strengthening DXY can signal weakness in many assets, while a struggling DXY often suggests higher prices.
According to Bennett, crypto traders may want to keep an eye on a trend reversal playing out in the DXY to signal a new bull run in the digital asset markets.
“DXY is still coming off. 95.50 is probably next.
A close below 94.60 is required to reverse the trend.”
The analyst recently said that contrary to what some say, he doesn’t think the crypto bull market is over. While some short-term volatility may be in play, Bennett says crypto is still due for another “melt-up” rally sometime this year.
“I don’t think the crypto bull market has ended.
Markets don’t crash when everyone expects them to, and right now, everyone expects it.
My base case is for one more melt-up this year, followed by a correction in either late 2022 or 2023…
So that means we could be in for more volatility in the short term if the stock market is going to strong-arm the Fed into remaining accommodative for longer.
But ultimately, I don’t think this crypto bull market is over just yet. It’ll be an interesting few months regardless.”
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Featured Image: Shutterstock/Mia Stendal