A widely followed crypto strategist is predicting how Bitcoin could trade in the coming weeks as he says BTC is currently following its June 2021 price action.
Analyst Justin Bennett tells his 100,900 Twitter followers that Bitcoin is at risk of revisiting its 2022 lows of $26,910 as bulls struggle to maintain BTC’s short-term diagonal support.
“BTC is trading below the May trendline at $29,700 on a four-hour closing basis. The next line of defense for bulls is $28,600. Below that, and we’re probably looking at a sweep of the May lows.”
According to Justin Bennett, Bitcoin’s current price action is reminiscent of June 2021’s market stucture where BTC also swept the lows before launching a recovery.
“It might not play out exactly the same, but so far BTC is doing a decent impersonation of June 2021.”
Should Bitcoin follow its June 2021 script, Bennett says BTC is likely to print fresh 2022 lows.
“For this leg [down], probably somewhere between $24,000 and $25,000 if we get that sweep. But I doubt that’s the cycle low.”
After recording a fresh yearly low, the crypto strategist predicts a rally for Bitcoin but highlights that it is very unlikely for BTC to start a new bull market.
“More likely a relief rally into a lower macro high but I doubt it lasts that long.”
Looking at Bennett’s chart, the relief rally could take BTC as high as $35,000 in July.
At time of writing, Bitcoin is trading at $29,733, down nearly 8% from its weekly high of $32,206.
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