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Home»Analysis»Trader Warns on Bitcoin, Says BTC Bulls Likely to Be Liquidated Before the Real Rally Begins
Analysis

Trader Warns on Bitcoin, Says BTC Bulls Likely to Be Liquidated Before the Real Rally Begins

2024-10-09No Comments2 Mins Read
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A widely followed crypto analyst believes that Bitcoin (BTC) is primed for one more liquidation event before a new bull run ensues.

Trader Justin Bennett tells his 112,400 followers on social media platform X that Bitcoin’s heatmap suggests BTC bulls have built long positions at $57,000.

The crypto strategist believes that the market is likely to chase the liquidity zone to take out those who got in early before BTC witnessed a major upward move.

“The size of the BTC long liquidations at $57,000 is MUCH larger than the shorts we saw liquidated at $63,000.

It would be a shame if Bitcoin takes this one out before the real rally starts, especially now that I’m once again an idiot for suggesting anything more than a seven-month market.”

Image
Source: Justin Bennett/X

Looking at Bitcoin’s chart, Bennett says the drop to $57,000 will be confirmed once BTC breaks through its immediate support level.

“Markets love symmetry, and this ties in perfectly with those long Bitcoin liquidations of $57,000.

It also crosses the September 2023 BTC trendline.

The trigger for this move is a sustained break below $62,300.”

Image
Source: Justin Bennett/X

At the time of writing, Bitcoin is trading at $62,139, slightly below the trader’s prime area.

In late September, Bennett predicted that a big rally to $70,000 would follow the correction to $57,000.

“Conditions are favorable for searching the BTC longs of $57,000-$58,000 before targeting the liquidity of $68,000-$70,000.

Disability for a sustained break above $65,000.”

Image
Source: Justin Bennett/X

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Begins Bitcoin BTC Bulls liquidated rally Real trader warns
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