A bull market is when prices are in an optimistic environment in the future, that is, when the market is in an uptrend. During this period, investors start buying. A bull market is less risky than a bear market as prices constantly move upwards.
Famous crypto analyst Justin Bennett shared his latest predictions about the market with his statements. Bennett claimed that the bull market is not over yet, despite the sharp declines in the cryptocurrency market.
In his post on Twitter, Bennett mentioned that the crypto bull market is still intact, but that the current correction may end after months.
"I don't think the crypto bull market is over. Markets don't crash when everyone expects it, and everyone is waiting for it right now. My main expectation is for another correction this year. Then the price may continue to rise again in late 2022 or 2023."
"The Last Months Will Be Interesting For The Crypto Market"
While Bennett believes the Federal Reserve won't raise interest rates and aggressively reduce asset purchases, he believes instead it will choose market stability over controlling inflation if the market improves further.
Crypto analyst Bennett also highlighted that volatility could increase as a result if the Federal Reserve is forced to stay “compliant.”
“If the stock market is going to strongly structure the Fed to stay compliant longer, that means we may be in for more volatility in the short-term. But ultimately, I don't think the crypto bull market is over yet. Regardless, the last few months are interesting for the market. it will be."
"The Most Important Thing for Now is that the BTC Price Remains Above 35 Thousand Dollars"
Bennett also claimed that if the leading cryptocurrency Bitcoin manages to stay above the $35,000 price level, it could rise to the resistance level between $40,000 and $42,000.
However, according to the famous analyst, he also said that if the flagship cryptocurrency falls below $35,000, BTC could drop by about 20%.
"For now, the important thing is for Bitcoin to stay above the $35,000 level. Bitcoin's ability to hold above this level could push the price up to $40,000-42,000. Later on, the price may target the $45,000-46,000 levels. In a possible bearish scenario, below the $35,000 zone A one-day close could pull BTC up to $30,000.”