Top Crypto Analyst Details Bullish Scenario That Could Send Bitcoin (BTC) Up By Almost 50%
A top crypto trader and analyst reveals how Bitcoin (BTC) could rise by nearly 50%.
Cryptoanalyst Justin Bennett tells his 11,100 YouTube subscribers that if the price of Bitcoin closes above $24,200, the next target is $26,500.
“Now, if we get these pullbacks above $23,450 and $24,200, then the next resistance area for Bitcoin will be around the mid-$25,000s.
So right around $25,400 followed by the mid $26,000s is right around $26,500.”
Bennett says that after breaking above $26,500, Bitcoin will need to overcome the $30,000 level to strengthen by about 46% from the current price and reach the next target of $38,000.
“So if we can see Bitcoin regain the two levels that I mentioned and start moving higher in the coming days, then here are the two key areas I’m watching in the coming weeks.
Now the first one is coming in around $30,000 and that’s because of the consolidation we saw back in May… so the $30,000 area is going to be a big area for Bitcoin. Beyond that, we have the confluence of resistance up around $38,000…
But once again, Bitcoin needs to get above the two levels I mentioned. Then 23,450 and also 24,200 on a daily closing basis to really confirm the breakout and set the market up for those levels.”
The crypto trader and analyst says the inflation rate in the US will also play a role in determining Bitcoin’s price direction.
According to Bennett, a “lower inflation means less aggressive rate hikes, which means bullish markets.”
Referring to the consumer price index data released on Wednesday which indicated that the US inflation rate fell to 8.5%, Bennett says that may indicate that inflation has peaked.
“It was nice to see the CPI come in lower than the forecast today. It wasn’t a huge number, but it’s still a better number than we got last time. And it also beat the forecast. So that’s something. And I think it can mark peak inflation, which would be very bullish for the markets…
So if the markets believe that this is peak inflation, it could be bullish for the crypto market as well as the stock market.”
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