Summary:
Justin Bennett predicts a bearish outlook for Bitcoin following the FOMC minutes.
Expect a sweep down to the low $61,000 range before a potential recovery.
Bearish scenarios include drops to $59,000 and $57,000 based on market structure.
A bounce is expected at $57,000 due to built-up demand.
Bennett's invalidation level is at mid $64,000, with potential highs of $70,000.
Insights on Bitcoin Trading
Professional crypto trader Justin Bennett has shared his insights on Bitcoin's (BTC) market volatility and future predictions leading up to the FOMC minutes meeting.
Key Highlights
What Happened: Bennett emphasized that the meeting minutes are not a Fed rate decision, which is why he does not expect as much volatility as typically seen from a Fed rate decision. He maintains a bearish stance on Bitcoin, which he adopted after the market lost a critical support area.
Bennett predicts that Bitcoin might experience a downturn to clear out long positions, especially with the upcoming FOMC meeting minutes. He suggests that the optimal trading strategy is to wait for a sweep down towards the low $61,000 range before potentially reclaiming upward momentum.
Also Read: Bitcoin, Ethereum, Solana Projected To Surge By 2025
Bennett also discussed the possibility of Bitcoin dropping to levels like $59,000 and $57,000, citing market structure and liquidity in these areas. He anticipates a significant demand bounce if Bitcoin reaches $57,000. His invalidation level for Bitcoin is set at mid $64,000, and if it surpasses this mark, he expects a rally back towards highs like $70,000 to sweep existing short positions.
As the U.S. election season approaches, Bennett suggests that markets will likely de-risk, regardless of whether Bitcoin hits $57,000 or $70,000. He advises traders to brace for market movements this week, especially with the FOMC minutes and upcoming U.S. CPI and PPI reports.
What's Next:
These discussions, along with the future of stablecoin regulation, will be central topics at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
Read Next: Bitcoinâs âUptoberâ Upswing Will Resume Soon: JPMorgan
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Comments