Popular analyst Justin Bennett, leading cryptocurrency bitcoin He shared his current predictions about (BTC).
In his new analysis, Bennett evaluated whether the mind-blowing rally that boosted Bitcoin 35% in five days is over. According to analyst bitcoin It can bounce more than 20% from its current value. However, the analyst’s forecast is based on a critical level being exceeded:
“Tuesday’s pullback cleared the long positions and potentially extended the liquidity build-up to just over $23,000. An aggressive bounce in the $23,000-$23,500 region could send BTC back to $25,200. And a daily close above $25,200 signals the next rise towards the $28,000-30,000 region. But it all depends on a solid bounce from the mid-$23,000 region.”
Drawing attention to a critical level, the analyst said that Bitcoin’s 23,000 He also warns that if it loses the support at the dollar level, the price could drop as low as $21,500.
“Alternatively, if BTC loses the $23,000 level on the higher timeframes, we may see a more substantial pullback towards $21,500.”
next to bitcoin Ethereum Bennett, who also examines (ETH), thinks that ETH can rise to $ 2,000 after closing above $ 1,700. However ETH He adds that if it falls below $1,590, lower levels such as $1,500 and $1,420 will be on the agenda.
“Although not as impressive as the Bitcoin rally, Ethereum has gained an impressive 15% since its launch on Sunday. ETH is also trading above the key $1,590 level. However, the bigger test for Ethereum bulls comes with the September 2021 trendline at $1,700.
A daily close above $1,700 this week could push ETH to an August 2022 high of $2,000. This is also where most short liquidations for ETH end. Alternatively, a close below $1,590 on higher timeframes could open the way for $1,500 and $1,420.”
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