Widely followed crypto analyst Justin Bennett called yesterday’s Bitcoin (BTC) rebound hours before it happened.
Yesterday, Bennett told his 112,400 Twitter followers that a Bitcoin bounce could be on its way after a rough week for the crypto king.
“Pretty spot on from BTC so far but maybe a bounce soon to flush some shorts.
Still a ton of long liquidations at $24,000.
Hours later, Bennett’s predicted bounce occurred, taking BTC from a 24-hour low of $24,936 to a 24-hour high of $25,746, an over 3% leap.
“And there’s the Bitcoin bounce.”
BTC is trading for $25,463 at time of writing, up 3.4% in the last 24 hours and down 4.2% in the last week.
Despite his success in predicting BTC’s movement yesterday, the trader also admits to possibly being wrong about his position on the US Dollar Index (DXY), a measure of the value of the US dollar relative to a basket of six major foreign currencies.
The DXY is a useful tool for investors and traders to track the strength of the US dollar relative to other major currencies. Generally speaking, a rising DXY indicates that the US dollar is strengthening, while a falling DXY indicates that the US dollar is weakening.
Says the trader of the DXY,
“My bullishness on the DXY may be misplaced.
And if I’m wrong, so be it.
But I can’t get bearish while the higher time frames are holding this area.
My base case is still for a push to 109-110 later this year.
Earlier in the day, Bennett had expressed his opinion that now is not the time to be bearish on the DXY.
“I’ve said it for months, but getting bearish on the DXY while above the 102.00 area is a mistake in my opinion.
If nothing else, a partial fill of last year’s wick toward 110.00 is still in the cards.
DXY 12-month time frame:”
The DXY sits at 102.38 at time of writing, according to MarketWatch.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Ongky Ady Widyanto