Top Could Be In for Bitcoin (BTC) and Stocks

It has been revealed the fact that the top could already be in for Bitcoin and stocks. Check out the latest reports about this below.

A well-known crypto analyst has suggested that Bitcoin (BTC) and stocks may have reached their peak. Justin Bennett, a financial expert, recently expressed his view to his 112,400 Twitter followers that stocks are nearing their highest point.

“The more charts I look at, the more convinced I am that the top is in (or very close) for stocks.

Combine the charts with solid US numbers (gross domestic product, jobs, consumer confidence, etc.) and a bullish-looking 10-year yield, and I’m betting the Fed hikes more than markets expect and keeps rates higher for longer.

This statement could backfire wildly, and if I’m wrong, I’ll own it.

But stocks have had an incredible run these last few months (and years).

Don’t get left holding the bag when the music stops.”

BTC is worth $30,485 at time of writing, up 0.1% in the last seven days.

In his analysis, Bennett delves into the US Dollar Index (DXY), which measures the strength of the US dollar against a basket of major currencies. Traders commonly refer to the DXY as an indicator of the dollar’s strength, which is known to have an inverse relationship with assets such as crypto. Bennett notes that the DXY is currently being put to a significant test as it approaches its next level up.

“Massive test for the DXY here at 103.30/50.

Level to level trading.”

During an interview with the David Lin Report, Cowen shared that Bitcoin has the potential to increase by approximately 14% and reach a 2023 high of $35,000.

“My guess is that in the short term, it’s really hard to say if Bitcoin can push a little bit higher again. My high-end target would be $35,000 if it can make it there.”

Bitcoin is trading at $30,662 at time of writing.

On what will happen to altcoins if Bitcoin reaches his upper target for this year, Cowen says,

“If Bitcoin goes to $35,000, it’s not good for the altcoin market. Because the altcoin market will likely just continue to get wrecked on their Bitcoin pairs.”