Crypto analyst and trader Justin Bennett thinks that a critical price level could set BTC’s trajectory for the rest of the year.
The closely followed strategist has 67,000 followers. bitcoin He stated that a correction in the $40,000 range seems reasonable and that the price movements that will occur after BTC reaches this level are very important.
“A retracement to the main $40,000 weekly level makes a lot of sense here. That doesn’t mean it will happen, but it’s a scenario to consider.”
Looking at the weekly chart, Bennett suggests that it could form a pattern similar to April when Bitcoin formed a local top.
After the breakout that the analyst expected, most likely the leading cryptocurrency predicts that the unit will return to a significant price level at which it can make a fateful decision for the remainder of 2021.
“$39,300 is where I think we’re going. From there, it’s a jump to $48,000 – $49,000 to decide whether we’ll likely get a higher high or a lower high. will tell the rest of the year”
Bennett, who also studies Ethereum, says the crypto asset needs a close above a key resistance area to confirm this week’s sharp decline is a bear trap. Before this happens, the analyst adds that the $3,300 area leaves ETH vulnerable to further corrections.
“ETH needs to close above the $3,550 – $3,700 zone to confirm Tuesday’s sell-off as a false breakout/bear trap.
Until then, the $3,330 support level could close below $2,900.”
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.