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Analyst Justin Bennett discusses how much further the Bitcoin price can drop as the cryptocurrency markets plummet with the series of stocks. Also, the analyst says that he plans to open a long position when BTC drops to a certain price level. Cryptocoin. com, we have compiled the analyst’s meteoric forecasts for you, let’s examine them together…

Justin Bennett: When BTC price drops to $39.000, I will open long!

The closely-followed analyst, who expects a big bounce, says he will open a net long in BTC when it reaches $39,000, which is about 10% below the current price. Justin Bennett adds the following to his explanations on the subject:

It is bearish as it has been recently, I plan to move from net short to long near $39,000. I expect a good bounce from there and I’ll be in a good position should the macro picture pick up again.

Justin Bennett: I’m looking at this catalyst for bitcoin!

Analyst Justin Bennett looks to the US dollar index (DXY) – a basket of other major currencies against the USD – as a potential catalyst for further correction in BTC. Typically, a stronger DXY can be associated with many asset prices weakening. Justin Bennett adds the following to his explanations on the subject:

DXY is already testing 93.40. Break that and the next is 94. 60.

According to the analyst, Bitcoin has a strong correlation with the dollar index. Justin Bennett adds the following to his explanations on the subject:

And the next time someone tries to tell you that there is no correlation between BTC and DXY, tell them they were wrong.

Justin Bennett: Bitcoin could repeat this series of price moves…

Analyst Justin Bennett also suggests that Bitcoin could repeat the price action from April to May of this year, just before BTC dropped from $58,000 to $30,000. Justin Bennett adds the following to his explanations on the subject:

April – May on the left. September on the right. BTC…

The leading cryptocurrency BTC is trading at $43,200, down 3% at the time of writing. The flagship of cryptocurrencies currently has a market cap of $813.5 billion. Altcoins are currently trading on the redboard.


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Michael Lewis

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