Should You Count On Buying Bitcoin At $30k? Crypto Analyst Explains | CryptoGazette
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The crypto market is struggling to regain its losses following multiple corrections that have been marked recently. According to the latest reports, crypto analyst Justin Bennett says that bargain-hunters hoping to get Bitcoin at $30,000 will likely end up disappointed.
Can traders get BTC at $30k?
Bennett recently noted the fact that many people who watch his YouTube strategy sessions are saying that a $30,000 Bitcoin is imminent, but he doubts traders will get BTC that cheap.
“Every other comment on my YouTube channel is someone waiting/wishing for $30k $BTC. It would be the first time in a long time that retail gets exactly what they want. I think a move higher from $35k-$36k is more likely.”
The analyst said that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is playing a big role in the crypto markets.
Usually, a strengthening DXY can signal weakness in many assets, while a struggling DXY is often suggesting higher prices.
He also said that crypto traders may want to keep an eye on a trend reversal playing out in the DXY to signal a new bull run in the digital asset markets.
“DXY is still coming off. 95.50 is probably next. A close below 94.60 is required to reverse the trend.”
This could help BTC start reversal
The other day, we were revealing that Benjamin Cowen recently said that steep corrections like the one Bitcoin has experienced since reaching an all-time high above $69,000 last November can’t be expected to flip overnight.
Also, it’s been revealed that an important crypto trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.
The pseudonymous analyst DonAlt says that Bitcoin is trading in a wide range in the weekly timeframe between $33,000 and $60,000.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $36,900.
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