Popular crypto analyst Justin Bennett thinks Bitcoin (BTC) may very well be in for extra bearish price motion within the quick time period.
In a YouTube evaluation, Bennett notes that at any time when BTC has had a liquidation wick downwards in price this previous yr, the main crypto asset tends to initially get well earlier than breaking beneath the underside of the liquidation candle’s low and totally bouncing upwards once more.
The crypto analyst factors out that Bitcoin’s most up-to-date liquidation candle from December 4th examined the $42,000 vary.
“Right now Bitcoin is type of within the technique of filling in that decrease wick.
But the query is, is it going to fill in that wick fully? Or is it simply going to flip sideways to decrease after which simply steadiness from this space down right here… proper round $45,000.
Now if we use historical past as a information right here over the previous yr, and take into consideration what I simply confirmed you, Bitcoin, each single time there’s been a liquidation candle, it has not solely retested that low however it’s really moved slightly below it earlier than shifting larger.”
Bennett predicts BTC might transfer downwards all the best way to $40,000 after which rally larger in January.
Bitcoin is buying and selling at $49,147.61 at time of writing, up greater than 4% up to now 24 hours.
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