Cryptocurrency Justin Bennett, one of the closely followed analysts of the world, thinks that he is preparing for a big rally that can increase the value of Ethereum (ETH) by 400%.
Sharing his views via Twitter, Bennett said, bitcoinof (BTC) if it allows the “right” conditions to occur in the market, Ethereum‘Fame (ETH) thinks it could rise to $20,000 by January 2022.
“If BTC fully breaks the $65,000 levels without a significant pullback, ETH is likely to ‘match’ with a close above the May trendline”. In this case, the analyst expects ETH price to exceed $20,000.
Bennett thinks that ETH traders see $10,000 as the peak and invest by adjusting their targets that way. According to the analyst, traders underestimate the amount of capital that can flow into ETH should a parabolic run occur.
That’s one reason I think $20k happens.
Every time I post this chart, I get multiple comments from people telling me ETH tops at $10k.
Parabolic moves tend to last longer and push prices higher than most expect.
Time will tell.
— Justin Bennett (@JustinBennettFX) October 19, 2021
Despite his ascension thesis, Bennett stated; It also warns traders who are over-leveraged in the short-term. Despite all these indicators, there is still a potential drop that could “eliminate” overly leveraged traders.
A large segment, myself included, is in a “hyper uptrend” trend and we are quite right about this. However, such situations are when liquidations are most likely to occur.
Agree with all points except 1, 4, and 8.
one) $BTC ATH probably takes longer than most expect
4) Fibs points to $207k – $270k
8) $50k – $60k bear market lowOn point 8, diminishing corrections for a maturing market. 94%, 87%, and 84% so far in order. Probably 80%ish next.
— Justin Bennett (@JustinBennettFX) October 19, 2021
Responding to the “bull run” hypothesis of another cryptocurrency trader, Bennett expressed his views on the market cycle and expects the BTC price to peak somewhere between $207,000 and $270,000. If these levels are indeed possible, an 80% retracement could follow as well.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.