Justin Bennett, a cryptocurrency analyst close behind, said that low-buyers hoping to get bitcoin at $30,000 could end up disappointed.
Bennett told his 97,000 Twitter followers, many of whom watched his YouTube strategy session, that $30,000 in bitcoin was imminent, but he doubted traders would get BTC at such a cheap price.
"All the other reviews on my YouTube channel are of people waiting/hoping for $30,000 in BTC.
This will be the first time in a long time that the retail industry gets what they want.
I think an increase from $35,000 to $36,000 is more likely."
The U.S. Dollar Index (DXY), which compares the U.S. dollar to a basket of other fiat currencies, plays an important role in the cryptocurrency market, analysts say. Typically, a stronger DXY may signal weakness in many assets, while a struggling DXY usually indicates higher prices.
According to Bennett, cryptocurrency traders may want to pay close attention to trend reversals in DXY to signal a new bull market in the digital asset market.
"DXY is still falling. 95.50 could be the next one.
To reverse this trend, the closing price would have to be below 94.60."
Source: Justin Bennett/Twitter
The analyst recently said that contrary to what some people say, he doesn't think the cryptocurrency bull market is over yet. While there may be some short-term volatility, Bennett said cryptocurrencies will still see another "melt-up" rally sometime this year.
"I don't think the cryptocurrency bull market is over.
When everyone wanted the market to crash, the market wouldn't crash, and now, everyone wants it to crash.
My base case is for another meltdown this year followed by a correction in late 2022 or 2023 ……
So this means that if the stock market is going to keep the Fed easing for a longer period of time, we may face greater volatility in the short term.
But ultimately, I don't think this cryptocurrency bull market is over yet. In any case, it's going to be an interesting few months."
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The post Don't Expect to Buy Bitcoin for $30,000, Says Cryptocurrency Analyst Justin Bennett – Here's Why appeared first on The Daily Hodl.