bt-crow.com
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Cryptocurrency analyst Justin Bennett believes that a certain factor must change for the crypto bull market to continue
Bennett uses the US Dollar Index (DXY) for his analysis, which compares the USD to a basket of other fiat currencies. The analyst believes DXY has a significant impact on the cryptocurrency market:
“DXY is one of the main reasons I am not yet ready to enter crypto assets. It is no coincidence that BTC peaked at $ 69,000 on November 10 just on the day the USD rally began. “
According to the analyst, the cryptocurrency markets will have a good chance of starting a new bull run when the DXY drops below 95.8 (the index is currently trading at 96.4).
Bennett expects consolidation with some downward pressure on the cryptocurrency market by the end of the month. In addition, BTC can drag Ethereum along with it:
“I believe that in December we will face a sideways trend with some decline (especially if the DXY goes up). Updating the lows at $ 40,000 is quite possible and could cause structural damage to ETH. Conclusion: just in case, plan a further reduction “
According to the analyst, bitcoin is holding at a critical support level near $ 47,000 and if it is not kept, then the asset is expected to decline to $ 43,000:
“BTC is still holding above the April trend line. If it does not work out, the level of $ 43,000 can be considered as the next support. To resume growth, bitcoin needs to return above the $ 53,000 mark. “
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