Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Crypto Markets Nosedive – Here’s How Far Bitcoin Can Fall Before Analyst Justin Bennett Flips Bullish on BTC

by Daily Hodl Staff
September 20, 2021
in Bitcoin

As the crypto markets plunge alongside stocks and equities, analyst Justin Bennett says he plans on flipping bullish on Bitcoin once it drops to a certain price level.

Expecting a big bounce, the closely followed analyst says he’ll turn net long on BTC when it reaches the $39,000 level, which is about 10% below the current price.

“As bearish as I’ve been lately (and rightfully so), I do plan on flipping from net short to long near $BTC $39,000 if we get it.

I’m anticipating a decent bounce from there, and I’ll be well positioned in the event the macro picture turns bullish again.”

Bennett has his eye on the US dollar index (DXY) – the USD versus a basket of other major currencies – as a potential catalyst for a further correction in BTC. Typically, a stronger DXY can correlate with many asset prices weakening.

“$DXY is already testing 93.40.

Break that, and 94.60 is next.”

Image
Source: Justin Bennett/Twitter

According to the analyst, Bitcoin has a strong correlation with the dollar index.

“And the next time someone tries to tell you there’s no correlation between BTC and DXY, tell them they’re wrong.”

Image
Source: Justin Bennett/Twitter

Bennett also posits that Bitcoin could be replicating its price action from April to May of this year just before BTC tumbled from $58,000 to $30,000.

“April – May on the left.

September on the right.

$BTC”

Image
Source: Justin Bennett/Twitter

At time of writing, Bitcoin is trading at $43,944, down 8% on the day according to CoinGecko.

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
 
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/agsandrew

Submit a Press Release

Industry Announcements

  • Cantina Royale Taps Elrond Apes To Boost Its In-Game Cross Chain NFT Collections
    June 28, 2022
  • Saddle Finance Announces End of Lock-Up Period for Its SDL Token
    June 24, 2022
  • NFTs Accessible to All With Launch of Fiat-Focused SIMBA Market
    June 23, 2022
  • Korea Blockchain Week To Hold First Live Event in Seoul After Covid Hiatus
    June 23, 2022
  • CoinLoan Partners With Elliptic To Provide Crypto Users With Top-Notch Security
    June 22, 2022
  • Gate.io – The Crypto Winter Is a Good Time To Accelerate Web 3.0
    June 21, 2022
  • How the Earliest Soulbound Use Case Creates Real Web 3.0 Heroes
    June 21, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$20,118.00
$20,118.00
3.59%
Ethereum
$1,130.15
$1,130.15
5.48%
Cardano
$0.467081
$0.467081
4.05%
XRP
$0.334801
$0.334801
3.98%
Dogecoin
$0.065397
$0.065397
8.59%

Spotlight

  • Biggest Ethereum Whales Flock to Apecoin, PAX Gold, Stablecoins and Three More Altcoins: On-Chain Data
    June 21, 2022
  • Tether To Work With UK Regulators for Launch of New Stablecoin Pegged to British Pound
    June 23, 2022
  • Top Crypto Analyst Turns Skeptical on Big Bitcoin (BTC) Price Predictions for 2023 – Here’s Why
    June 26, 2022
  • Crypto Mom Commissioner Hester Peirce on Target – Again
    June 21, 2022
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl