Bitcoin

Despite Bearish Trend! BTC Price Will Hit $200K! Here’s When

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Analyst Justin Bennett discusses how Bitcoin and the crypto markets can recover from a sharp drop in value that wiped out roughly $400 billion in market capitalization.

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Over $882,000,000 in liquidations were triggered in a 24-hour period, according to CoinGlass, when BTC Price corrected roughly 10%, pulling the rest of the market down with it. 

Bennett warns his 89,000 Twitter followers that if Bitcoin falls below $60,000, a drop to $53,000 is possible. 

“Not sure if we’re out of this just yet, but there’s a lot of support around $60,000. I’ll look to $55,000 unless Bitcoin can reclaim $63,300.”

Furthermore, the analyst points out that cryptocurrency prices decline by 20% to 30% on a regular basis, while Bitcoin is only 12% off its high.

Also Read : Will The Crypto Market Plunge Again Prior To The Alt Season?

What Will Trigger Bitcoin’s Recovery?

Bennett uses the US dollar index (DXY), which compares the US dollar to a basket of other major fiat currencies, to assess the status of the crypto markets. In general, a weaker US dollar indicates higher pricing for many assets, whereas a strong greenback indicates lower costs.

DXY is rising a large ascending channel, according to Bennett. Bennett says that DXY is at a resistance level around the top of the channel and could retrace back down. 

“DXY just tested 95.80 resistance, Now close the day back below 95.50.”

A falling dollar has already been mentioned by the crypto expert as a possible under-the-radar catalyst that may send Bitcoin and the rest of the markets surging.

Bennett believes that Bitcoin will end the bull cycle far above $200,000, but over a longer period of time than many assume. 

“I still think we see the same cycle peak for $BTC that I’ve mentioned in the past, somewhere between $207k and $270k. But I am starting to think it could take longer to get there than most expect.”

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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