Crypto analyst Justin Bennett has predicted that the Bitcoin price could retrace to $63,000 following the recent market rally. This prediction comes as the flagship crypto targets a new all-time high (ATH) following a weekly high of around $69,000, its highest level since late July. According to Bennett, he wouldn’t be surprised to see BTC wipe out this week’s leveraged buyers with the restest of the month open at around $63,000.
The analyst also noted that this week’s Bitcoin price rally was primarily driven by the perpetual market, which he claimed is not “conducive” for a sustainable breakout, especially with the open interest (OI) near its late July highs. Crypto analyst CrediBULL Crypto also warned about the spike in open interest and suggested that a price correction was imminent. He noted that the OI has officially surpassed the level it was at before the last BTC price drop from $70,ooo to $49,000.
Like Bennett, CredibBULL Crypto had earlier in the week warned that a price correction was imminent based on his claims that the derivatives market is what is driving the recent market rally. The analyst suggested there could still be a Bitcoin price crash to $50,0
