A well-known crypto analyst is predicting that Bitcoin (
BTC
) will experience another round of liquidation before initiating a new bull run.

Trader Justin Bennett informed his 112,400 followers on X that Bitcoin’s heatmap indicates that BTC bulls have accumulated long positions at $57,000.

Bennett suggests that the market will likely target the liquidity zone to clear out early adopters before Bitcoin sees a significant upward movement.

“The volume of BTC long liquidations at $57,000 far exceeds the shorts that were liquidated at $63,000. It would be unfortunate if Bitcoin were to clear these out before the real rally begins, especially since I once again appear foolish for suggesting more ranging from a market that has been ranging for seven months.”

Looking at Bitcoin’s chart, Bennett states that the drop to $57,000 will be confirmed once BTC breaches its immediate support level.

“Markets thrive on symmetry, and this aligns perfectly with those Bitcoin long liquidations at $57,000. It also coincides with the BTC Sept. 2023 trend line. The trigger for this move is a sustained break below $62,300.”

As of the time of writing, Bitcoin is trading at $62,139, slightly below the trader’s crucial area.

In late September, Bennett forecasted that a significant surge to $70,000 would follow the correction to $57,000.

“The conditions favor clearing out the BTC $57,000-$58,000 longs before targeting the $68,000-$70,000 liquidity. Invalidation occurs with a sustained break above $65,000.”

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