By Nermeen Nabil Khear 
A widely followed crypto analyst believes Bitcoin (BTC) is poised for one more liquidation event before sparking a fresh bull run.
Trader Justin Bennett tells his 112,400 followers on the social media platform X that Bitcoin’s heatmap suggests that BTC bulls have piled up long positions at $57,000.
The crypto strategist thinks that the market will likely hunt the liquidity zone to shake out those who were early before BTC witnesses a big upside move.
“The size of the BTC long liquidations at $57,000 is FAR greater than the shorts we saw liquidated at $63,000.
It would be a shame if Bitcoin took these out before the real rally begins, especially now that I’m once again an idiot for suggesting more ranging from a market that’s ranged for seven months.”
Source: Justin Bennett/X
Looking at Bitcoin’s chart, Bennett says the fall to $57,000 will be confirmed once BTC breaks its immediate support level.
“Markets love symmetry, and this lines up perfectly with those Bitcoin long liquidations at $57,000.
It also intersects with the BTC Sept. 2023 trend line.
The trigger for this move is a sustained break below $62,300.”
Source: Justin Bennett/X
At time of writing, Bitcoin is trading for $62,139, slightly below the trader’s key area.
In late September, Bennett predicted that a big rally to $70,000 would follow the correction to $57,000.
“The conditions favor sweeping the BTC $57,000-$58,000 longs before targeting the $68,000-$70,000 liquidity.
Invalidation on a sustained break above $65,000.”
Source: Justin Bennett/X
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The post Trader Issues Bitcoin Warning, Says BTC Bulls Likely To Be Liquidated Before Real Rally Begins appeared first on The Daily Hodl.
A widely followed crypto analyst believes Bitcoin (BTC) is poised for one more liquidation event before sparking a fresh bull run. Trader Justin Bennett tells his 112,400 followers on the social media platform X that Bitcoin’s heatmap suggests that BTC bulls have piled up long positions at $57,000. The crypto strategist thinks that the market
The post Trader Issues Bitcoin Warning, Says BTC Bulls Likely To Be Liquidated Before Real Rally Begins appeared first on The Daily Hodl. Bitcoin, Trading, BTC, News, trading
This articles is written by : Nermeen Nabil Khear Abdelmalak
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