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Cryptocurrency analyst Justin Bennett spoke about the possible exit of bitcoin from the correction phase and the return of the bullish trend
After retesting the Dec 4 lows at around $ 40,000, he said, Bitcoin could form a double bottom structure and then rally towards $ 60,000.
Bennett is still bullish on Bitcoin, even if it falls below the important psychological level of $ 40,000:
“There are two scenarios where I will act as a buyer – retesting $ 40,000 or a return of the $ 53,000 level. I am not against BTC falling below $ 40,000, although many believe that in this case we may face a bear market. Yes, we will lose support for the December 4 low, but everyone wants to see higher highs and higher lows.
Many do not want the market to close below $ 40,000. However, even if the retesting of the $ 35,000 level happens, you need to understand that at the beginning of 2021 you could see a similar situation. “
Bitcoin hit lower highs and lower lows between April and May this year, but its long-term outlook remained bullish, according to the analyst:
“Instead of further falling, we reached a new record high. In my opinion, the situation with the fall to $ 40,000 is very similar. “
Separately, Bennett noted the supply chain-oriented blockchain VeChain (VET). According to him, after a sharp rebound near the $ 0.08 level, the asset can reverse the trend:
“Usually a certain technical catalyst is required and for me it will be testing the trend line. VET will return to the $ 0.08 area, test it as support, and an uptrend awaits us in 2022. Without this, there will be no reboot required to reach higher levels next year. “
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