bullish

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/will-bitcoin-see-a-new-bull-trend-soon" data-wpel-link="internal" rel="noopener noreferrer nofollow">Will Bitcoin See a New Bull Trend Soon?</a><br></p>
<p style="text-align: justify">A prominent analyst in the cryptocurrency sector predicts that <a href="https://en.bitcoinhaber.net/bitcoin-marks-six-consecutive-weeks-of-green-as-history-appears-to-repeat-itself" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/what-triggered-bitcoins-recent-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) might enter a bullish phase due to an impending liquidation event. Justin Bennett, addressing his 112,400 followers on platform X, points to a notable accumulation of long positions at the $57,000 mark as an indicator of potential upward movement in the market.</p>
<h2 id="what-s-driving-the-market-movement">What’s Driving the Market Movement?</h2>
<p style="text-align: justify">Bennett highlights that the market is poised to target the liquidity zone at $57,000, suggesting that clearing out early long positions will precede a significant rise in BTC prices. He notes that there is considerable liquidity available at this level for long positions, which are being utilized with more leverage compared to short positions.</p>
<h2 id="what-are-the-key-levels-to-watch">What Are the Key Levels to Watch?</h2>
<p style="text-align: justify">According to Bennett, a drop in BTC to $57,000 would confirm a break of the immediate support level. He observes that this level aligns with Bitcoin’s long position liquidations, coinciding with a trend line from September 2023. Currently, BTC trades just below the critical threshold of $62,300.</p>
<ul>
 <li>Targeting liquidity between $68,000 and $70,000 is likely if long positions between $57,000 and $58,000 are cleared.</li>
 <li>Bennett’s earlier predictions suggest a return to $70,000 may follow a correction at $57,000.</li>
 <li>Market uncertainty still clouds the outlook for BTC’s direction.</li>
</ul>
<p style="text-align: justify">Bennett voices concerns that breaking below key levels could hinder Bitcoin’s anticipated rally, especially following a relatively stable market over the past seven months. This market volatility could signal a pivotal moment for traders, as a breach of current support may lead to substantial shifts in market behavior.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/will-bitcoin-see-a-new-bull-trend-soon" data-wpel-link="internal" rel="noopener noreferrer nofollow">Will Bitcoin See a New Bull Trend Soon?</a></h5>

Will Bitcoin See a New Bull Trend Soon?

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