Bitcoin pullback script has appeared! Analysts are most bullish on 'this coin': expected big pump 500%

Bitcoin pullback scenario has appeared

Yesterday (December 6th), Bitcoin ($BTC) successfully broke through $100,000, igniting a frenzy in the entire cryptocurrency market. With BTC facing a pullback below $100,000 today, the altcoin market seems to be stirring, ready to catch up.

Prominent cryptocurrency analyst Justin Bennett pointed out that the BTC’s attraction effect continues to strengthen, and the short-term trend of the altcoin market will depend on the performance of BTC. If BTC continues to maintain a high position and stable dominance, those altcoins with outstanding performance may form a competitive relationship with BTC.

However, if BTC enters a consolidation phase in the short term, the high turnover rate will bring about the effect of capital outflow. At that time, the altcoin market may receive a boost and is expected to start a crazy bull market of altcoins.

And among the many altcoins, Justin Bennett specifically mentioned a coin: Decentralizationexchange Curve Finance’s ecosystem Token $CRV, implying that the Token has entered the Rebound preparation stage and is expected to achieve a growth of more than 5 times.

CRV is expected to break through the $6.80 mark

Justin Bennett pointed out that from the market momentum perspective, as the native token of Decentralized Exchange Curve Finance, $CRV not only has governance functions, but also can earn high returns through Liquidity Mining. With the arrival of the altcoin season and the recent resurgence of the Decentralized Finance ecosystem, the market demand for $CRV may further increase.

According to CoinGecko’s data, as of writing, the trading price of $CRV is approximately $1.07, with a slight decrease of 2.7% in the past 24 hours.

Image source: X Justin Bennett’s tweet

Justin Bennett emphasized that after $CRV successfully broke through the key resistance at 0.87 USD, the next target price for the upward trend is 6.80 USD. If his prediction comes true, $CRV could see a big pump of 515% from the current price.

In addition to $CRV, Benett also has great confidence in the future performance of Bitcoin. He believes that after breaking the $100,000 mark, BTC is likely to further rise to the range of $105,000 to $106,000.

However, he also pointed out that when the price of BTC rises further, its dominant position will put pressure on the AltCoin market, possibly causing the latter’s rise to temporarily slow down: “BTC’s dominant position is currently about 54%. If this proportion continues to rise, some AltCoins that emerged in November may cool off slightly in December.”

【Disclaimer】There are risks in the market, and investment needs to be cautious. Analyst opinions are for reference only, and users should refer to more diverse indicators to determine whether to invest, and consider whether any opinions, views, or conclusions in this article are in line with their specific situation. Based on this investment, the responsibility is at your own risk.

The BTC pullback script has appeared! Analysts are most optimistic about ‘this kind of currency’: expected big pump 500%. This article was first published in ‘encryption city’.