Top Analyst Says Breakout Rally for Bitcoin and Ethereum Will Leave Bears in Disbelief – Here Are His Targets
A closely watched crypto strategist and trader predicts rallies for Bitcoin (BTC) and Ethereum (ETH) that he says will leave naysayers in disbelief.
Analyst Justin Bennett tells his 109,800 Twitter followers that Bitcoin has successfully broken above its diagonal resistance, a trend line that has kept the market bearish since November 2021.
“BTC reversed today right from the linear trend line from the all-time high.”
With the diagonal resistance out of the way, Bennett says Bitcoin is preparing for a near 40% rally to its target of around $27,000.
“It is over.”
The analyst looks at BTC’s inverted price chart, which traders sometimes do to check if their bias still holds from a different perspective. Based on Bennett’s chart, he predicts that Bitcoin will reach its target by December 2022.
In the short term, however, the crypto strategist says Bitcoin could still move below $19,000 before starting its rally.
“There’s a liquidity gap of $18,500. Markets are still sideways with lower wicks to fill and we’re going into a weekend. Not to mention the discrepancy over $19,540.”
At the time of writing, Bitcoin is exchanging hands for $19,134, fixed on the day.
Looking at the leading smart contract platform Ethereum, Bennett says that ETH is looking positive after managing to recover an important support level.
“What a bullish feedback from ETH.
Bears in disbelief. Send it.”
Based on the analyst’s chart, he seems to be predicting an abrupt ETH rally to $1480 in the coming days. At the time of writing, Ethereum is valued at $1,281, down 1.62% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/klyaksun
