Even after the leading coin had lost a huge chunk of its value after Tesla revealed on May 12 that it will no longer allow bitcoin for transactions, Justin Bennet believes the entire crypto industry will continue to look for signals from Bitcoin. He is analyzing when and how the market will begin it’s an advent to the top after the ongoing correction.
Everything is following that right now. If Bitcoin drops more, everything drops. If Bitcoin rallies, everything rallies. They’ve always been correlated, but right now, as fear is mounting, they are really correlated.”
The analyst is keeping a close eye on Bitcoin’s next primary stage to crack for a new leg up, which is between $42,000 and $43,000. If BTC manages to break through the range, $47,000 will most likely be the next target.
Bennet admits that a drop below $30,000, maybe to $28,000 or $25,000, is still likely, but he doesn’t think the bull market is over. Bitcoin’s current activity, according to the analyst, is similar to that of 2013, just before it took off on a 2,000% rally.
He went on to say that the bull market is still going strong. What’s going on now is close to what happened in 2013. Bitcoin price fell 81% during the 2013 bull market before rallying over 2,000% by the end of the bull market. Although he doesn’t believe to see a 2,000% rally at the end of this correction, he strongly speculates that a big rally is possible through August/September.
Other top analysts have indicated that the latest correction in the crypto markets isn’t actually the end of the bull run and that a major recovery is still on the way. Despite the ongoing market downturn, widely followed analyst PlanB, the maker of the infamous stock-to-flow cross-asset (S2FX) price model and who was the first to apply the stock-to-flow model (S2F) to Bitcoin, has reiterated the model’s price forecast of $288,000 for this cycle.
Plan B shared his model two days later and stated that the S2FX was still “intact.” He remains optimistic about the bitcoin bull market, predicting a 5x increase in the next six months.