Veteran crypto analyst Justin Bennett updates his views on the trajectory of Bitcoin (BTC). The famous analyst says that unlike many analysts, a collapse for BTC is not in sight or it is too early for it. A popular strategist, Bennett discusses what is likely for Bitcoin (BTC) amid the panic created by a surprise drop in the middle of the week shaking up the overall crypto markets. Details are on Kriptokoin.com.
Bennett’s predictions about Bitcoin
In a recent YouTube update, popular analyst Bennett stated that important support and resistance levels for crypto, which is the leader by market cap, are underlines. As is known, Bitcoin lost 10% in just two days. And it is currently struggling to maintain the $40,000 level. According to analyst Bennett, there is a limit to the decline in BTC. In other words, he now believes that BTC will not drop another 25% or 50%. The analyst says:
I think the $30,000 or $20,000 levels is too early for Bitcoin. Is it possible? Yes, I could be very badly wrong. But also support is support until it doesn’t exist. So until we see Bitcoin close below these levels, they are solid as support.
$39600 is a key level for Bitcoin to hold. Also, the analyst advises against shorting the market, despite BTC’s recent dramatic decline. The famous analyst said, “Right here, this area around $39,600 will be support. Yes, Bitcoin dropped below $42,000 yesterday. However, I think it is wrong to try to expose this market right now because it is still above the $39,600 level. Looking at the upside potential of BTC, the analyst points to two resistance levels that must be broken for him to consider a return to $50,000 as a viable possibility. Analyst says:
As for resistance, it now needs to break above $42,000 and also above this $46,000 zone. Note that $46,200 is the annual deficit for Bitcoin. It will close above this level for the Bitcoin chart to truly move higher towards the $50,000 region.
At the time of writing, Bitcoin was down 1.25% to $40,165. It was above the $40,000 level since Feb. 4 and briefly surpassed $45,000 on Feb. 10.
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