Cryptocurrency Analyst Justin Bennett Warns of Potential Bitcoin Reversal
Cryptocurrency analyst and trader Justin Bennett is cautioning his followers that Bitcoin (BTC) could be on the verge of a trend reversal after another move to the upside. With a significant following of 110,600 on the social media platform X, Bennett is closely monitoring the current trend of Bitcoin and sharing his insights with the crypto community.
According to Bennett’s analysis, Bitcoin is currently trading within a large ascending channel on the daily chart, with the horizontal resistance of the pattern sitting at around $48,000. He predicts that Bitcoin could hit a final target of $46,000-$48,000 on the current upward leg before undergoing a corrective move. Bennett emphasizes that the $30,000 level is now crucial and must be maintained.
At the time of writing, Bitcoin is trading at $44,147. Looking at the trader’s chart, he anticipates that Bitcoin will fall below $38,000 after reaching his upside target.
In addition to his Bitcoin analysis, Bennett also shared his insights on Ethereum (ETH). According to Bennett, Ethereum appears to be poised for more rallies after breaking out of an ascending triangle pattern on the weekly chart. He believes that Ethereum could reach $2,500, with $2,100 being a crucial support level.
If Ethereum reaches the $2,500 price target, Bennett suggests that a decent correction could follow, possibly preceded by a sweep first.
Ethereum is currently trading at $2,356 at the time of writing. Bennett’s analysis provides valuable insights for cryptocurrency investors and traders, offering a glimpse into the potential future price movements of both Bitcoin and Ethereum.
As with any investment decision, it is important for investors to conduct their own due diligence and carefully consider the risks involved in trading cryptocurrencies.
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