Cryptocurrency analyst Justin Bennett stated that market crashes do not happen when everyone expects them. Bennett said the crypto bull market is still intact, with a correction likely months later.
“I don’t think the crypto bull market is over. Markets don’t crash when everyone is waiting, and everyone is waiting for it right now. My baseline prediction is another drop this year, followed by a correction in late 2022 or 2023. ”
Bennett believes that the Federal Reserve will not raise interest rates and aggressively reduce asset purchases, instead opting for market stability rather than controlling inflation, especially if the stock market experiences further corrections. The cryptocurrency analyst says volatility could increase if the Fed is forced to stay compliant.
“So that means we may be in for more volatility in the short term if the stock market is to strongly arm the Fed to stay aligned longer. But ultimately, I don’t think the crypto bull market is over yet. Regardless, it’s going to be an interesting few months. ”
Bennett also stated in a news release that if Bitcoin manages to stay above the $35,000 price level, it could rise to the resistance level between $40,000 and $42,000.
However, if the leading cryptocurrency falls below $35,000, it could crash by around 20%, according to the crypto analyst.
“For now, it is important for Bitcoin to stay above the $35,000 area. After that, 40,000-42. $ 000 is the resistance area to break, then 45,000-46. 000 dollars comes in. On the other hand, a daily close below the $35,000 zone will open the door to $30,000. ”
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