CandleFocus Trader Issues Bitcoin Warning, Says BTC Bulls Likely To Be Liquidated Before Real Rally Begins
2024-10-09
Author: Content Editor
The crypto analyst Justin Bennett believes that Bitcoin will experience another liquidation event before a new bull run begins. He suggests that BTC bulls have accumulated long positions at $57,000 and expects the market to seek out this liquidity zone to shake out early participants before witnessing a significant upside move. Bennett believes that a fall to $57,000 will be confirmed once Bitcoin breaks its immediate support level, and a sustained break below $62,300 will trigger this move. Currently, Bitcoin is trading slightly below this key area at $62,139. Bennett previously predicted a rally to $70,000 following a correction to $57,000.
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