Crypto analyst predicted bitcoin price rebounds after fall to $28 800

Justin Bennett believes that once the local bottom is reached, the rise in the value of the asset will “run beyond most expectations”

16.05.2022 - 16:10

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Justin Bennett believes that once the local bottom is reached, the rise in the value of the asset will “run beyond most expectations.”

What’s new? Cryptocurrency analyst and trader Justin Bennett has reported that bitcoin has probably reached a local bottom after it managed to recover a key support level. On Twitter, he spoke about a possible rise in the price of BTC that will “run beyond most expectations.”

There's a good chance #crypto has reached a local bottom if $BTC can reclaim $28,800 today. Like the selloff, the relief rally will likely run beyond most expectations.— Justin Bennett 🇺🇦 (@JustinBennettFX) May 12, 2022

As of May 16, 19:15 Moscow time, bitcoin is trading at $29 390, according to Binance.

What events happened before? In early May, crypto analyst PlanB, who developed the Stock to Flow (S2F) prediction model, predicted the value of BTC to rise to $55 000 by the summer of 2022.

In mid-April, Nexo co-founder Antoni Trenchev predicted that the price of bitcoin would reach $100 000 within a year. He said that he was concerned about the situation with BTC in the short term, as its price may fall along with other assets because of the Fed’s interest rates hikes. However, according to him, following the collapse of stocks, the Fed would ease its policy, which may give an additional boost to cryptocurrencies.

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