Renowned crypto trader Justin Bennett issued a warning to hodlers. According to him, Bitcoin (BTC) is likely to see a correction soon. On the other hand, his colleague Rekt remains bullish in his analysis.
Justin Bennett predicts bitcoin (BTC) correction
With 111,300 followers on his Twitter account, Justin Bennett warned hodlers on the social network. He thinks Bitcoin (BTC) is probably trading in a bearish setup. This is an expanding wedge. Thus, BTC could correct around $20,000 after brushing against the diagonal resistance of the pattern. He maintains the idea that there will be the pullback, even if it is a little higher than what he thought he would see.
Market makers could also lower the price of BTC to exploit an area of lower liquidity. Indeed, billions of dollars in long positions are waiting to be liquidated below $20,800, he noted. It’s over $100 billion worth of long positions on bitcoin (BTC). This means that Bennett sees a major corrective move in the near future.
Rekt’s predictions remain bullish
Rekt, meanwhile, thinks bitcoin (BTC) could be gearing up to clear a critical hurdle on the monthly scale. He said he looked forward to the next few months which seem decisive. This crypto trader’s analysis seems to suggest that the queen of cryptos could reflect the price movement around late 2014 and early 2019. Indeed, BTC seems to be playing the same scenarios currently. In both cases, he sees the breakout of a downward descending triangle, before the breakout of key diagonal resistance.
In the short term, the bitcoin (BTC) may retest the $23,300 level before continuing its current uptrend. Rekt said the price made a successful retest of the confluent resistance zone on the daily chart. That said, there could still be another pullback in this same area after a weekly close.
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