There are all kinds of optimistic crypto predicitons out there amidst the crypto market recovery. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $43,801.
New BTC optimistic prediciton is out
It’s been just revealed that a popular crypto strategist and trader is predicting a sizeable rally for Bitcoin (BTC) as bulls try to maintain support around the $40,000 area.
Justin Bennett shared an important tweet and you can check it out below. He said that it’s BTC bounce time and he is explaining why he believes this.
$BTC has a habit of dropping 4-8% below liquidation wicks before bouncing. It’s occurred five times since the start of 2021, excluding the December 4th candle.
Today’s low is 5.7% below the $42,000 liquidation low.
Bounce time. pic.twitter.com/HFrJUoeECa
— Justin Bennett (@JustinBennettFX) January 10, 2022
The online publication the Daily Hodl refreshes its readers’ memory and notes the fact that back on December fourth, Bitcoin dropped as much as 22% of its value in a single day.
The king coin went from around $53,000 to $42,000 before buyers stepped in and pushed BTC to $49,152, leaving a large wick below the daily candle’s body.
In a new YouTube video, the analyst explained that he sees BTC rallying above the $50,000 level.
“I do like the idea of a bounce between $38,000 and $40,000. Let’s talk about targets. If we do get that bounce, either from $40,000 or so or down toward $35,000.”
He continued and said this:
“Now if you look at every single time Bitcoin has done this since early 2021, the average bounce following a liquidation event and then that move below the low, every single time it’s done this, the average bounce is around 63%. Now the lowest is 25%. The highest is 100%.”
The analyst is expecting us to soon see Bitcoin move back toward not only $45,000 but up toward $53,000.