Bitcoin (BTC) 
$62,122 A leading cryptocurrency analyst in the market stated that a new bull trend may begin after an upcoming liquidation event. Trader Justin Bennett stated in a statement to his 112,400 followers on the social media platform X that BTC’s heat map shows long positions accumulated at $ 57,000.
Market Dynamics
Bennett said the market will likely clear early positions targeting the $57,000 liquidity zone, and he expects BTC to experience a significant upward move. He emphasized that long positions were highly liquid at $57,000 and that more leverage was used at this level than short positions.
Stating that BTC’s decline to $ 57,000 will be confirmed by breaking the instant support level, Bennett said, “Markets like symmetry, and this perfectly coincides with Bitcoin’s long position liquidations at $ 57,000.” he said. He also added that this level also intersects with the September 2023 trend line.
Future Foresight
Bennett said this move would be triggered if BTC breaks permanently below $62,300. He noted that currently BTC is trading around $62,139, slightly below the critical zone identified by the trader.
Bitcoin clearing its long positions in the range of $57,000-58,000 and then targeting liquidity of $68,000-70,000 supports the conditions.
In his predictions in September, Bennett suggested that a correction to $57,000 could be followed by a return to $70,000. However, uncertainties regarding the direction of the market continue.
“It would be a shame if Bitcoin surpassed these levels before its real rally begins, especially since I regret recommending such a flat market over the last seven months,” the analyst said.
This activity in the Bitcoin market can be an important indicator for investors. If BTC breaks the current support, significant changes in market dynamics are expected.
It may be beneficial for investors to pay attention to BTC’s technical analysis and liquidity zones in the market. How the market evaluates these critical levels will be decisive in shaping future trends.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
