Crypto analyst Justin Bennett predicts altcoin prices will surge after a long, quiet correction period.
Bennett To tell His 109,900 Twitter followers say the overall market capitalization of altcoins is coiling in a long wedge pattern, suggesting an imminent major move.
“This crypto quiet period is coming to an end. The longer the market coils, the more explosive the breakout will be. Get ready.”
Bennett back up His bullish position suggesting the US Dollar Index (DXY) is on the verge of a crash. DXY pegs the US dollar against a basket of other fiat currencies, and DXY declines traditionally suggest a rise in risky assets like crypto.
According to Bennett, DXY may be in the process of being rejected at the top of a large ascending channel.
“DXY Linear Chart. Not the best time to be bearish on stocks and cryptocurrencies in my opinion.”
“ETH support is still pending. We are currently testing channel resistance.”
Looking at the S&P 500 (SPX), which has been correlating with the cryptocurrency market for the past few years, Bennett believes that if the $3,575 level holds, a rally could ignite and the cryptocurrency could rise as well. said.
Analysts are looking at upcoming consumer price index (CPI) readings to look for potential catalysts for the market’s next move.
“It’s not hard to imagine a rally of relief from here, but many are on Thursday’s CPI.
3,575 is the level to hold. “
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