Bitcoin will reach a new ATH when traders turn pessimistic.

Cryptocurrency strategist Justin Bennett believes that the current pullback of Bitcoin is setting up for a move to a new all-time high (ATH). Justin Bennett told his 115,000 followers on the social media platform X that the BTC pullback may lead traders to believe that the bull run is over.

However, he predicts that BTC will adjust below the $100,000 level before launching a new strong growth phase towards the $120,000 target.

"This is a time when market sentiment becomes extremely pessimistic, with many expecting a macro peak similar to 2021. But this could also be the time when those who set up Short orders too confidently have to suffer heavy losses.

1. This bull run is completely different from before.
2. The current market context could not be more different.
3. I don't think the market will be that easy.

Source: Justin Bennett/XIn 2021, BTC failed twice to break through the resistance level of $69,000, leading to a prolonged bear market that pushed BTC down to a low of $16,000.

Regarding the short-term price target, Bennett predicts that Bitcoin could bounce back from the support zone of $100,000 or $97,000.

"Bitcoin has confirmed the next decline. The level of $104,800 has now become a key resistance, while support is at $100,000. This view has not changed over the past nine days," he emphasized.

Source: Justin Bennett/XAt the time of writing, Bitcoin is trading at $105,639.

Looking at the broader cryptocurrency market, the analyst stated that he is following the TOTAL chart, which tracks the total market capitalization of all digital assets. Bennett believes that TOTAL will correct and find support at the $3.04 trillion level, in line with his expected BTC retracement.

“I may be wrong, and I certainly am not always right. However, I do not understand why some people interpret the current situation as a positive signal.

"Everything can change, but for now, sellers are in control," Bennett shared.

Source: Justin Bennett/XThe TOTAL chart shows that investors are liquidating their cryptocurrencies.

As of the time of writing, TOTAL is trading at 3,225 trillion dollars.

Mr. Teacher