Justin Bennett, a cryptocurrency analyst, said that "discounters" hoping to get bitcoin for $30,000 may end up disappointed.

According to him, many of the people watching his strategy sessions on YouTube are saying that the value of Bitcoin will fall to $30,000. However, he doubts that traders will be able to get BTC at such a cheap price.

"All the other reviews on my YouTube channel are from people who want/wanted BTC to get $30,000. This will be the first time in a long time that retailers will get what they want. I think it's more likely to go up from $35,000 to $36,000 than it is to go down," he said.

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, according to analysts.

Analysts explain that often a strong DXY can signal weakness in many assets. At the same time, a distressed DXY tends to suggest higher prices.

According to Bennett, cryptocurrency traders may want to pay close attention to trend reversals that occur in DXY to signal a new bull market in the digital asset market.

Bitcoin

Recently, the analyst said that contrary to what some people say, the rally in the cryptocurrency market is not over yet.

While there may be some short-term volatility, Bennett said the bitcoin and cryptocurrency markets have yet to see another rally sometime this year.

"I don't think the cryptocurrency bull market is over. The market is not going to crash when everyone is expecting it, and right now, everyone is expecting it. I believe it will crash again this year and then correct in late 2022 or 2023," he said.

According to Bennett, this means that if the stock market forces the Fed to be complacent for longer, we could have more 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 couple of months."