Is $30,000 the Next Stop for Bitcoin? Analyst Justin Bennett Updates Crypto Market Outlook – Here’s His Forecast
Popular analyst Justin Bennett updates his view on Bitcoin (BTC) after the crypto king surged 35% in just five days.
In a new analysis, Bennett says Bitcoin could make more than a 20% run from its current value.
Bennett updates his view on Bitcoin to analyze whether “the mind-blowing pump that gained 35% in five days” is over or whether BTC has more room to run.
He says that Bitcoin could climb to $30,000 if the price action approaches above $25,000.
“Tuesday’s pullback removes late longs and could potentially flush the liquidity build-up just above $23,000. An aggressive bounce from the $23,000-$23,500 range could send BTC back to $25,200. And a daily close above $25,200 will signal the next leg up towards the $28,000-$30,000 region. But all of this is contingent on a solid bounce from the mid-$23,000 range.”
Bennett warns that if Bitcoin loses support at the $23,000 level, BTC could see a decline all the way down to $21,500.
“Alternatively, if BTC starts losing $23,000 on the higher timeframes, we could see a more significant pullback to $21,500.”
Bitcoin is worth $24,395 at the time of writing.
Looking at Ethereum (ETH), Bennett says the smart contract platform token could rise to $2,000 after achieving a close this week above $1,700. However, if ETH falls below $1,590, Bennet says the lower levels of $1,500 and $1,420 are in play.
“While not quite as impressive as Bitcoin’s rally, Ethereum is up an impressive 15% since Sunday’s open. ETH is also trading back above the key $1,590 level. However, the biggest test for Ethereum bulls lies at $1,700 as it the September 2021 trend line I recently discussed.
A daily close above $1,700 this week would open up the August 2022 high near $2,000. This is also where the majority of short liquidations end for ETH. Alternatively, a higher timeframe that closes back below $1,590 will open at $1,500 and $1,420.”
Ethereum is trading at $1,647 at the time of writing.
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