Top Crypto Analyst Calls Bitcoin (BTC) Spike a “Fakeout” But Says One Technical Indicator Is Bullish
A widely followed cryptoanalyst expresses mixed feelings about what the next big move for Bitcoin (BTC) could be.
Crypto trader Justin Bennett warns his 112,200 Twitter followers that BTC can tap into significant drop after its recent pump based on the price action of the S&P 500 (SPX).
“For anyone getting mega bullish on BTC again (majority of crypto Twitter).
Ask yourself this…
How Long Can Bitcoin Rally While SPX Looks Like This?
Not saying we can’t see another rip from BTC, but if stocks can’t bounce soon, this will eventually pull crypto down…
The last time BTC pumped while the SPX spewed was mid-February, right before a 22% drop.
So this Bitcoin pump may be short-lived unless stocks find a bottom soon.
Don’t say I didn’t warn you.”
Looking at the royal crypt’s latest price moves, Bennett conversations BTC’s recent peak is nothing more than a “fakeout”.
“What a forgery.
Do I even need to say what comes next?”
But while he hinted above that BTC was in for a big drop, Bennett recently gave his followers another one Update where he seems to suggest that BTC may not crash after all.
“Did everyone survive? It usually takes a few days after volatility like this to resolve, so be careful out there. I still think we see lower, but I could be wrong.
Bennett also takes a look at the US Dollar Index (DXY) relative strength indicator (RSI). DXY is a measure of the value of the US dollar against a basket of assets, and RSI is a technical indicator used in trading to measure the strength of an asset’s price action. In accordance BennettDXY’s RSI looks bullish, although he doesn’t clarify if he thinks the RSI looks bullish for DXY or BTC.
“RSI is not part of my trading strategy, but DXY daily RSI looks interesting.
We still need a break of this trend line and a higher top from the dollar, but the RSI looks bullish for now.
Let us see.”
BTC is worth $29,098 at the time of writing, down 0.4% in the last 24 hours.
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Featured image: Shutterstock/Jorm S
