A popular crypto market analyst thinks Bitcoin’s pullback may not be finished yet.
Justin Bennett tells his 66,000 Twitter followers that he expects BTC to retest $40,000 before seeing further upside.
“I doubt the pullback is over. Everything closed below key support on Tuesday. Unless we see markets close back above those levels, I’m thinking BTC revisits $40,000.
It’s a weekly level that has yet to be tested as new support. Lots of [Fibonacci] confluence to support that idea.”
Besides Bitcoin, Bennett is also eyeing decentralized supply chain management platform VeChain (VET).
He points out the similarity of VET’s current price action to its movement from November 2020 and says a retest of $0.08 would set the token up for a rally.
At the time of writing, VeChain is trading at $0.12, according to CoinGecko.
“What if?… round two. VET is tracking the November breakout to a T.
If it continues, $0.08 could be the higher low we need. It would likely coincide with a BTC $40,000 retest. Something to keep an eye on. Spot on so far. Even the same 61.8% Fib level.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Atelier Sommerland