A closely followed crypto strategist and trader is predicting a big Bitcoin (BTC) rally that he believes will surpass expectations.
Analyst Justin Bennett tells his 100,900 Twitter followers that Bitcoin has likely printed a temporary bottom after managing to reclaim a key support level.
“There’s a good chance crypto has reached a local bottom if BTC can reclaim $28,800 today.
Like the sell-off, the relief rally will likely run beyond most expectations.”
At time of writing, Bitcoin is changing hands for $30,150.
The crypto analyst is also keeping a close watch on the USDT dominance chart (USDT.D), an index that tracks the valuation of stablecoin Tether (USDT) relative to the market cap of all crypto assets.
A rallying USDT.D valuation indicates that traders are selling their crypto assets to store their capital in Tether. Meanwhile, a correcting USDT.D chart suggests that traders are risking their Tether and buying Bitcoin and other cryptocurrencies.
Bennett says that USDT.D is poised for a deep correction as it trades within a trend exhaustion pattern.
“USDT.D with a massive broadening ascending wedge (exhaustion pattern).
This breaking lower is the relief rally for crypto as it moves inversely to Bitcoin.
The objective is 20% lower, which roughly translates to 20% higher for BTC from current levels.”
