The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • 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 Post
    • Press Release
    • Sponsored Post
    • Advertise
  • 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 Guest Post
  • 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 Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

$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

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

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/DanieleGay/Andy Chipus

Submit a Press Release

Industry Announcements

  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
  • Coinfest Asia Is Back in 2023 Carrying the Theme of Web 2.5
    March 20, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,047.51
$28,047.51
0.82%
Ethereum
$1,775.75
$1,775.75
0.37%
Cardano
$0.363339
$0.363339
3.22%
XRP
$0.430277
$0.430277
4.6%
Dogecoin
$0.07534
$0.07534
3.4%

Spotlight

  • BitMEX Outlines Three Scenarios for Crypto This Year, Says Market Recovery a Likely Outcome
    March 22, 2023
  • Bitcoin Breakout in Sight As BTC Flashes 2019-Style Accumulation, According to Top Analyst – But There’s a Catch
    March 22, 2023
  • Coinbase Adds Highly Anticipated Ethereum (ETH) Scaling Solution Token to Listing Roadmap
    March 22, 2023
  • Analyst Benjamin Cowen Issues Ethereum Warning, Says ETH Likely Not Ready for Bull Run Until Massive Correction
    March 22, 2023
NBX Warsaw Summit Banner
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 | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 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 Guest Post
  • 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 Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl