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$882,000,000 in Liquidations As Crypto Markets Correct – Analyst Justin Bennett Outlines Recovery Path for Bitcoin

by Daily Hodl Staff
November 16, 2021
in Bitcoin, Trading

Analyst Justin Bennett is highlighting how Bitcoin and the crypto markets can recover from a sudden correction that shaved off nearly $400 billion worth of its market cap.

According to data from CoinGlass, over $882,000,000 in liquidations were triggered in a 24-hour span when Bitcoin corrected roughly 10%, bringing the rest of the market down with it.

Bennett tells his 89,000 Twitter followers that if Bitcoin loses the $60,000 level, a further plunge to $53,000 is on the table.

“Looks like yesterday’s BTC bearish engulfing candle was a sign.

Not sure if we’re out of this just yet, but there’s a lot of support around $60,000.

I’ll look to $55,000 unless Bitcoin can reclaim $63,300.”

Image
Source: Justin Bennett/Twitter

Additionally, the analyst notes that crypto prices drop 20% to 30% regularly, and Bitcoin is only 12% off its high.

To gauge the state of the crypto markets, Bennett has his eye on the US dollar index (DXY) which compares the USD to a basket of other major fiat currencies. Generally, a weaker US dollar can often suggest higher prices in many assets, while a strong greenback can hint at falling prices.

According to Bennett, DXY is traveling up a large ascending channel. At the very top of the channel, Bennett suggests that DXY is at a resistance level and could revert back down.

“DXY just tested 95.80 resistance.

Now close the day back below 95.50.”

Image
Source: Justin Bennett/Twitter

The crypto analyst has previously cited a plunging USD for a potential under-the-radar catalyst that could send Bitcoin and the rest of the markets soaring.

Ultimately, Bennett predicts that Bitcoin ends the bull cycle well above the $200,000 level, but during a longer time frame than many expect.

“I still think we see the same cycle peak for $BTC that I’ve mentioned in the past, somewhere between $207k and $270k.

But I am starting to think it could take longer to get there than most expect.

More capital AND time to push prices higher. Makes sense.”

Image
Source: Justin Bennett/Twitter

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