Bitcoin Analyst Warns of Potential Correction Amidst Massive Rally

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Bitcoin analyst Justin Bennett is cautioning investors about the recent rally in Bitcoin, suggesting that a correction of around 43% could be on the horizon. Bennett points out that Bitcoin has experienced significant downturns after its last two halving cycles, and believes that history could repeat itself. Despite the current bullish run, Bennett warns that a correction to $25,000 should not be ruled out. He also notes that the macro landscape is different this time compared to previous bull markets, which adds to his lack of conviction in the crypto markets.As for Ethereum, Bennett maintains a bearish outlook and projects a potential 67% drop from its current level. He sees no reason to abandon his bearish thesis for the second-largest cryptocurrency by market cap.Bitcoin is currently trading at $44,146, while Ethereum is trading at $2,267. The next halving cycle for Bitcoin is scheduled for April 2024.

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