A cryptocurrency expert who is well-known and respected believes that Bitcoin (BTC) is getting ready to liquidate both bulls and bears in the days and hours ahead. According to Justin Bennett, who has 112,300 followers on Twitter, there is a significant quantity of short stops accumulating over the $30,000 mark for BTC.
According to Bennett, it is not beyond of the range of possibilities for BTC to momentarily trade over $30,000 in order to knock out early Bitcoin bearish who think that the price of the king cryptocurrency would continue to move down in a straight line. “Let’s see if BTC sniffs out those short liquidations above $30,000 this weekend,” one possible sentence said.
Bennett thinks that Bitcoin will see a rapid corrective move following the rise that he anticipates for the cryptocurrency, even if he expects that Bitcoin will experience a short-term spike in the near future. The cryptocurrency expert thinks that Bitcoin’s price might go as low as $26,800 before it begins to recover.
After the volatility of the past week, something like this coming from Bitcoin would not surprise me. First, take some shorts, and then some longs. Let’s see.” Bennett also provides a heatmap of Bitcoin, which shows that a significant number of BTC bulls have opened long positions close to the price level of $26,000.
Bennett notes that the overall market value of all crypto assets (overall) is still below the critical threshold of $1.18 trillion. This indicates that the wider market for digital assets is still attempting to spark a breakout rally but is having difficulty doing so.
“One of the reasons I’m not comfortable with cryptocurrencies at the moment is because of TOTAL, despite the fact that BTC just closed over $28,800. After the most recent deviation, TOTAL is still maintaining its position below the range of highs of $1.18 trillion.