Bitcoin Bulls Should Mark This Date on Their Calendars, Says Analyst Justin Bennett
Crypto trader and analyst Justin Bennett is telling Bitcoin bulls to keep on eye on this specific date, as the flagship cryptocurrency struggles to maintain upward momentum.
In a new strategy session, Bennett says that monthly futures expiration dates have played a big part in Bitcoin’s price action, often correlating with local tops and bottoms.
The closely-followed analyst posits that if Bitcoin’s price is following monthly futures expirations, then it may also correlate with quarterly expirations. He notes that on June 25th, Q2 futures are set to expire for BTC, potentially marking a bottom for the world’s flagship digital asset and the broader crypto markets.
“My theory is that if Bitcoin has followed monthly futures expirations… then it stands to reason that it could also be following quarterly futures expirations. And if that’s the case, we saw the top shortly after April started, and if this is the case, if this theory holds up, then we could see cryptos bottom sometime around June 25th. That’s when Q2 futures expire. So June 25th is going to be a date to keep on your calendar. And I’m going to go ahead and say that anywhere from June 20th… to June 25th is going to be the range to keep an eye on.”
Bennett also takes into account that until then, Bitcoin and the rest of the crypto markets could face downward pressure.
“However if this theory has merit, it’s also important to note that it could mean cryptos could stay under pressure for the next couple of weeks till that June 25th expiration…
It’s just a theory of mine, but given what we’ve seen from monthly futures expirations so far in 2021, I think it makes sense to at least keep an eye on the Q2 futures expirations later this month on June 25th because that could mark the bottom for cryptos.”
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Article reposted on Markethive by Jeffrey Sloe